Charlotte home prices, sales rise in November | Bedford NY Real Estate
Charlotte-area home prices rose 9.2 percent on average in November from a year ago, as closings increased and the supply of homes for sale continued its downward streak, the Charlotte Regional Realtor Association said Monday.
Inventory fell to a five-month supply from a 5.3-month level the month before and a 6.5-month supply a year ago, according to the report that tracks only existing-home sales. A balanced housing market has an approximately six-month supply, according to a widely accepted definition.
Low supplies helped drive up prices in November, the association said. The average price rose to $223,725 from $204,820 a year ago. The average price is at its highest level since $237,635 in August.
Another factor in rising prices is fewer sales of distressed homes, which tend to sell for less than nondistressed properties. Foreclosures and short sales accounted for a smaller percentage of sales than a year ago, the association said.
Sales continued their trend of annual gains. November closings rose to 2,619, up 15.2 percent from a year ago. Closings in the region have logged annual gains every month since July 2011.
Compared with October, sales were down 7.5 percent. Real estate brokers say sales tend to slow toward the end of the year, typically a less active time for the housing market.
In Charlotte and elsewhere, brokers are keeping a close eye on persistently low supplies. Last month, the National Association of Realtors said constrained inventory is causing double-digit year-over-year gains in U.S. home prices. Across the 18-county Charlotte region, inventory is at its lowest level since May, when it was also at a five-month supply. http://www.charlotteobserver.com/2013/12/09/4532879/charlotte-home-prices-sales-rise.html
Inventory fell to a five-month supply from a 5.3-month level the month before and a 6.5-month supply a year ago, according to the report that tracks only existing-home sales. A balanced housing market has an approximately six-month supply, according to a widely accepted definition.
Low supplies helped drive up prices in November, the association said. The average price rose to $223,725 from $204,820 a year ago. The average price is at its highest level since $237,635 in August.
Another factor in rising prices is fewer sales of distressed homes, which tend to sell for less than nondistressed properties. Foreclosures and short sales accounted for a smaller percentage of sales than a year ago, the association said.
Sales continued their trend of annual gains. November closings rose to 2,619, up 15.2 percent from a year ago. Closings in the region have logged annual gains every month since July 2011.
Compared with October, sales were down 7.5 percent. Real estate brokers say sales tend to slow toward the end of the year, typically a less active time for the housing market.
In Charlotte and elsewhere, brokers are keeping a close eye on persistently low supplies. Last month, the National Association of Realtors said constrained inventory is causing double-digit year-over-year gains in U.S. home prices. Across the 18-county Charlotte region, inventory is at its lowest level since May, when it was also at a five-month supply. http://www.charlotteobserver.com/2013/12/09/4532879/charlotte-home-prices-sales-rise.html
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