Home sales in the Charlotte area increased 16.9 percent in July from the same month in 2014 and prices across the region have started to stabilize, the Charlotte Regional Realtor Association said in a report Monday.
The region saw 4,383 properties sold last month, up from 3,750 sales in July of last year. The group’s report is based on existing-home sales and generally doesn’t include sales of new homes.
The average list price was $274,811, up 4.8 percent from a year ago. The average sales price in July was $255,125, up 5.6 percent from July 2014.
Maren Brisson-Kuester, the association’s president, said in a statement that three positive pieces of data stand out about the July housing indicators.
“Prices compared to June 2015 have fallen slightly and the rate of increase has slowed, which should lessen any concerns about affordability; new listings are up compared to last year and last month; and inventory, though down compared to last year, has also improved, increasing two percent compared to June 2015,” Brisson-Kuester said.
In July, inventory declined 22.1 percent compared to the same month in 2014, and 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.
The average number of days a property was on the market – from the time it was listed until it closed – was 114 days, down from 125 days last July. That indicates that regionwide buyer demand remains high.
Pending sales, a forward-looking indicator that includes sales that might close in 45 to 60 days, totaled 4,163 in July, a rise of 17.9 percent from a year ago.