The Charlotte region’s already low supply of homes for sale dropped to its lowest level of the year last month, tipping the market more in favor of sellers, a report Tuesday showed.
The region posted a 4.6-month supply of existing homes, according to figures from the Charlotte Regional Realtor Association. A balanced market is defined as one with a six-month supply, according to a widely accepted definition. Charlotte has not seen a six-month supply since November 2012.
Low supplies of homes in Charlotte and elsewhere have been credited as one key factor in ongoing large annual gains in home prices. When supplies dwindle, bidding wars between buyers tend to increase, which can drive up prices.
In the Charlotte region, there were 2,745 sales in November, up 4.8 percent from a year ago.
“We’re pleased to see sales holding steady as we approach the time of year when consumers are not as focused on home buying or selling,” said Joe Rempson, president of the association, in a statement.
November’s supply is the lowest the Charlotte region has posted since a 4.7-month supply in January. There were 3,155 new listings last month, a decline of 7 percent from November 2013.
“New listings and inventory remain challenged,” Rempson said.