Charlotte home sales fell in September, constrained by tight inventory and rising prices, according to a report from the Charlotte Regional Realtor Association.
Across the region, 3,960 homes were sold in September – a 3.9 percent drop from the same month a year ago. The Realtors association pointed to a sharp drop in inventory: The number of homes on the market fell 17.5 percent from September 2016.
“Ultimately, low inventory across the region continues to hamper sales while also putting pressure on prices in our market. We’re fortunate, however, to see strong pending contract activity, which means that future sales should be steady.” said Roger Parham, president of the association.
The average sales price rose 6.1 percent from last year, hitting $271,606. That’s up from an average price of $256,092 last September.
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The median, another measure that takes the midpoint of all sales prices, was up ever more, rising 9.2 percent to $225,000 in the Charlotte region.
Overall, there’s an estimated 2.5 months of supply on the market, far less than the four to six months that’s typical of a more balanced market.