Charlotte home sales and prices rose in August from a year ago, the latest sign that the market continues to favor sellers.
The average sales price was $237,635, an increase of 11.1 percent from August 2012 and the largest year-over-year gain so far in 2013, according to a report Tuesday from the Charlotte Regional Realtor Association. The report, which covers existing homes, is based on an 18-county region.
There were 3,392 sales in August, up 17 percent from a year ago.
In good news for buyers, the tight supply of homes for sale grew – but only slightly – from July. Inventory rose to 5.4 months of supply. In July, it was 5.2 months. A year ago, supply equaled 7.6 months.
A widely accepted definition of a seller’s market is one in which the number of homes for sale is below a six-month supply.
For buyers, the shrinking inventory of homes for sale gives them less to choose from. That has helped drive the bidding wars that some Charlotte-area real estate brokers have reported. The bidding battles contribute to rising sales prices in the region.
In August, 4,530 listings were added to the market, up 16.5 percent from a year ago but down 6 percent from 4,843 in July.
Rising mortgage rates have been pushing some to hurry up and purchase a home before rates get even higher. The number of days a Charlotte-area home sat on the market until it sold was 96 in August, down from 104 days a year ago.
Some economists expect rising mortgage rates to slow the pace of U.S. home price gains.
Roberts: 704-358-5248; Twitter: @DeonERoberts
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