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Charlotte-area home sales up 22% in June

A for-sale sign sits outside a home in Charlotte’s Sedgefield neighborhood last year. Home prices in the Charlotte region rose 22.1 percent in June from a year ago, a report Thursday shows.
A for-sale sign sits outside a home in Charlotte’s Sedgefield neighborhood last year. Home prices in the Charlotte region rose 22.1 percent in June from a year ago, a report Thursday shows. tsumlin@charlotteobserver.com

Charlotte-area home sales climbed 22 percent in June compared with the same month last year, as buyers continued to face tight supplies of listings, a report Thursday shows.

The Charlotte metropolitan area recorded 4,434 closings in June, the Charlotte Regional Realtor Association said in its monthly report on existing-home sales. Sales were up 15.3 percent from May.

The report shows the inventory of homes for sale in the region remains tipped in favor of sellers. The region posted a 3.9-month supply of listings, unchanged from May.

A commonly accepted definition of a balanced market is one with a six-month supply. Charlotte has been below that level since November 2012, according to the Realtor association’s figures.

Maren Brisson-Kuester, the association’s president, in a statement Thursday called the region’s supply “challenged.” But, she said, a 1.7 percent increase in new listings in June “should keep buyers interested.”

Home prices in the Charlotte region and nationwide continue to post year-over-year gains. In the Charlotte area, the average home price increased 3.4 percent to $280,884.

One major factor in rising prices, according to real estate agents, is the tight supply of homes, which is resulting in some buyers trying to outbid one another.

Low supplies are also discouraging some would-be sellers from putting their homes on the market, as they find too few choices for their next home purchase, agents say.

Ongoing increases in home prices in Charlotte and elsewhere have raised concerns about affordability. In a blog post last month, the National Association of Realtors said rising home prices have continued to outpace incomes.

In June, Charlotte’s median home price rose to $206,089, up 4.5 percent from a year earlier.

Brisson-Kuester described that increase as conservative and “helping to sustain a healthy seller's market while still providing affordable options for buyers.”

Chaney: 704-358-5197; Twitter: @sechaney

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