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Charlotte home sales, prices rise in October

CHARLOTTE — Indicating a continuing recovery in the Charlotte-area housing market, sales volume and prices rose in October.

That’s according to a Carolina Multiple Listing Services report released Wednesday by the Charlotte Regional Realtor Association.

Sales jumped 36.8 percent to 2,575 units last month compared with October 2011, the CRRA reported.

And for the ninth straight month, home prices ticked up, too. The average price for homes sold in October inched up 4.9 percent from the same month last year to $204,335.

The CRRA also reported that houses on average sold for 92.4 percent of the listing price, up two percentage points from October 2011; new listings increased 6.5 percent to 3,448;  inventories shrank by 27.3 percent, leaving a six-month supply of homes; and days on market dropped 11 percent, from 108 to 122.

“Now that the market has reached equilibrium at a six months’ supply, we’re no longer in a buyer’s market,” CRRA President Jennifer Frontera said in a statement.

Foreclosure sales and short sales constituted 15.3 of total sales in October, down from 17.4 percent a year earlier.

“We’re seeing fewer distressed sales as a share of the market and prices are reflecting this,” Frontera said in the statement. “With inventory dropping, buyers can expect to see prices continue to rise.”

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