Preliminary pending home sales in the Charlotte region increased by 29.9 percent in August compared with August 2013, according to data released Tuesday by the Charlotte Regional Realtor Association.
“It’s encouraging to continue to see year-over-year increases in pending contracts, which show a strong demand for homes in our area,” said Joe Rempson, president of CRRA and Carolina Multiple Listing Services Inc., in a statement. “Much of this activity is due to the positive mix of housing conditions such as sustained job growth, low mortgage rates and a stable economy that our region is experiencing.”
On Tuesday, rates for 30-year fixed mortgages with zero points in Charlotte ranged from 3.95 percent to 4.32, and the national rate was 4.24 percent, according to bankrate.com, around 0.5 percentage points below the rates available a year ago.
The number of home sales in August increased by 8.1 percent year-over-year but were down 2.1 percent compared with July. In August, 3,673 homes were sold in the CarolinaMLS.
The average sale price in August was $242,121, a yearly increase of 2.0 percent. The median sale price, $185,500, was 1.6 percent higher than August 2013.
Other highlights from the report include:
- The list-to-sale-price ratio was 94.7 percent in August, an increase of 0.1 percent over last year.
- New listings were down in August 4.0 percent from last year.
- Inventory declined 8.6 percent, leaving the region with 15,395 homes for sale, a 5.2-months’ supply. A 6-months’ supply is considered to be a market in equilibrium.
- The average number of days from list to close was 123, nine days less than August 2013.
- The average number of days a home was listed as “active” and “under contract-show” was 70, compared with 94 a year ago.
- Foreclosures and short sales accounted for 5.1 percent of all sales, down from 9.2 percent in August 2013.