Charlotte-area home sales rose 14.8 percent in January over the same time last year.
In its monthly report released Friday, the Charlotte Regional Realtor Association said 2,491 properties sold January 2017, compared to 2,170 the previous January. Sales were down 28.5 percent compared to December 2016.
Potential home buyers will still compete with tight market this year - a main theme during last year’s selling season. Potential buyers faced a 2.3-month inventory of available homes, or 8,639 properties for sale. That number was down 25 percent compared to January 2016.
Properties stayed on the market for an average 114 days, which is eight fewer days compared to January 2016.
Meanwhile, buyer demand is up 21 percent, according to the association, which tracks sales of existing homes in the local housing market.
“2017 is off to a good start with the momentum we experienced at year-end continuing into January,” said association president Roger Parham.
"Although I’m reassured by the small increase in new listings, buyers will unfortunately continue to face mild headwinds with price increases, multiple offer situations and tighter supply as we move forward into the spring selling season.”
Sale prices in January rose 12.5 percent from last year, for an average price of $258,819.
While the uptick in home sales has coincided with rising mortgage rates in recent months, rates eased slightly this week.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans slipped to an average 4.17 percent from 4.19 percent last week. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.65 percent.
The average for a 15-year mortgage declined to 3.39 percent from 3.41 percent last week.
The Associated Press contributed