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More Charlotte homeowners putting up ‘For Sale’ signs

In its monthly report released March 10, 2017, the Charlotte Regional Realtor Association said pending home sales are on the rise as sellers decide now is the time to list their properties.
In its monthly report released March 10, 2017, the Charlotte Regional Realtor Association said pending home sales are on the rise as sellers decide now is the time to list their properties. Observer 2015 file photo

Although the Charlotte region’s inventory of homes remains tight, February sales rose slightly over the same time last year as more sellers gained the confidence to put their properties on the market.

In its monthly report released Friday, the Charlotte Regional Realtor Association said home sales in February rose slightly by 0.5 percent, with 2,570 properties sold compared to 2,557 sold during the same month in 2016.

February sales rose 3.2 percent compared to last month, according to the association.

Association president Roger Parham said sales remain relatively slow due to the low number of available homes. But the number of pending contracts – an indicator of future sales – is strong, as more potential sellers list their homes.

“The good news this month is in listing activity, which is up nearly 15 percent and shows us sellers are gaining confidence,” Parham said in a statement.

Pending sales rose 18.4 percent compared to last February, for a total of 4,229.

Sale prices also rose in February compared to the same time last year, by 5.9 percent, for an average price of $243,383.

Meanwhile, mortgage rates rose this week, marking new highs for the year.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate loans climbed to 4.21 percent from 4.10 percent last week. The benchmark rate stood at 3.68 percent a year ago and averaged 3.65 percent through 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages increased to 3.42 percent from 3.32 percent last week.

The Associated Press contributed

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