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Charlotte-area home sales increase 20% in March

This file photo shows a Charlotte home on Cumberland Avenue when it was listed for sale last year. On Wednesday, the Charlotte Regional Realtor Association said the area’s housing market still heavily favors sellers.
This file photo shows a Charlotte home on Cumberland Avenue when it was listed for sale last year. On Wednesday, the Charlotte Regional Realtor Association said the area’s housing market still heavily favors sellers. jsiner@charlotteobserver.com

Charlotte-area home sales rose 20 percent in March from the same month a year ago, as the region’s housing market continues to favor sellers, the Charlotte Regional Realtor Association said Wednesday.

In its latest monthly report, the association said the region posted 3,195 sales last month, up from 2,655 sales in March 2014. The report is based on existing-home sales and generally does not include sales of new homes.

The increase in sales is encouraging news for sellers as the spring homebuying season – typically the busiest time of year for the housing market – gets underway.

But for buyers, it is leading to higher prices in the region at a time when the supply of homes for sale remains low.

The average list price in March was $292,454, up 4 percent from March 2014. The average sales price was $234,351, up 9.1 percent from a year ago.

Supplies have continued to fall amid strong demand for homes, Maren Brisson-Kuester, the association’s president, said in a statement. That will keep pushing prices upward, she said.

“Essentially, our market still heavily favors sellers at this time,” she said.

In March, the region posted a 3.9-month supply of properties for sale. That’s below the six-month supply considered to be a balanced market under a widely accepted definition.

Pending sales, a forward-looking indicator, totaled 4,491 in March, an increase of 30 percent from a year earlier. Pending sales are those that might close in roughly 45 to 60 days.

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Twitter: @DeonERoberts

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