02/01/2024
Welcome to the rollercoaster ride of the Charlotte Region's real estate market in December 2023! Strap in as we break down the highs and lows of the market, with a touch of humor to keep things interesting.
U.S. existing-home sales, climbed 0.8% from a 13-year low, breaking a five-month streak of declining sales. However, sales were still down 7.3% compared to the same period last year. Why, you ask? Well, affordability challenges continue to be the party pooper for prospective buyers. Most of these closed sales went under contract in October when mortgage rates were at a two-decade high.
Now, let's dive into the Charlotte region's monthly indicators:
New Listings: Up 4.5% to 2,551 - because who doesn't love a little variety?
Pending Sales: Up 9.8% to 2,526 - the FOMO is real!
Inventory: Down 15.2% to 5,836 - because who needs choices anyway?
Median Sales Price: Down 0.7% to $370,000 - a bargain, am I right?
Months Supply of Homes for Sale: Down 5.6% to 1.7 months - a real-life game of musical chairs!
In the national arena, low inventory levels continue to impact home sales, leaving aspiring buyers feeling like they're searching for a needle in a haystack. As of last measure, there were 1.13 million units for sale, which is a measly 0.9% increase from the same period last year. With a 3.5 months' supply at the current sales pace, it's no wonder home prices remain high, with the median existing-home price rising 4% to $387,600.
Experts believe that home prices will stay high for a while, unless we see a significant increase in supply. So, buckle up and get ready for more twists and turns in the real estate market!
