Home sales in the Charlotte region fell 3.3 percent in June from the same month last year as stubbornly low listings dampened activity, according to a report Friday from the Charlotte Regional Realtor Association.
During the month, 4,425 properties sold, compared to 4,577 sales in June 2015. Sales were up 9.9 percent from May.
The average sales price increased 8.2 percent year-over-year, to $280,499.
The slowdown in sales comes as Charlotte faces a low supply of homes on the market. In June, the region had 3 months of inventory, down from 4.4 months worth a year ago.
That’s below the six-month supply widely considered to be a balanced market.
“With the prolonged low inventory the region has faced, some cooling in sales was to be expected,” the association’s president, Maren Brisson-Kuester, said in a statement.
She called the June report “mostly positive.” The outlook for future sales is still favorable, she noted, citing continued increases in new listings and strong pending-sales counts.
Nationwide, ongoing shortages of listings are boosting home prices to record highs in some markets. An S&P/Case-Shiller report last week named Charlotte as one of seven U.S. cities posting record prices.
Low supplies are frustrating some potential buyers. Once they find a home among the slim pickings, they sometimes end up in bidding wars that can push prices out of their range.
The low inventories are also discouraging many potential sellers from listing their homes, experts said, out of fear that if they sell they won’t be able to find another property because of the shortage – another factor keeping supplies low.