Home sales in the Charlotte region cooled slightly in June, but prices continued their upward trend.
According to the Charlotte Regional Realtor Association, sales in the Carolina Multiple Listing Services fell 3.3 percent last month from a year earlier. Some 4,425 properties sold in the region in June, compared with 4,577 a year ago. Sales, however, rose 9.9 percent from May.
CRRA President Maren Brisson-Kuester attributed the ebbing in year-over-year sales to the region’s low supply of for-sale residences.
“With the prolonged low inventory the region has faced, some cooling in sales was to be expected,” she said. “However, the June report is still mostly positive, and with new listings continuing to increase and strong pending sales counts, the outlook for future sales is still favorable.”
In addition, she said home sales tend to be cyclical and generally drop off this time of year as more people take vacation.
Inventory fell more than 23 percent from a year ago, with just 11,145 properties for sale. That left a three-month supply of homes on the market last month, down from a 4.4-month supply a year ago.
A six-month supply is considered to be in equilibrium, where neither buyer nor seller has the upper hand in negotiations.
New residential listings increased 7.7 percent from a year ago.
Meanwhile, the average sales price increased 8.2 percent to $280,499 from $259,137 in June 2015; the median sales price was up 8.1 percent annually to $225,000 from $208,125. The average list price rose 10 percent year over year, resulting in homeowners receiving 96.8 percent of the desired price.
Brisson-Kuester said the growth in home prices does not indicate that the Charlotte area is becoming unaffordable. She said the region has seen more homes selling at higher price points, which affects the median and average price.
Brisson-Kuester said she expects prices to increase between 4.5 percent and 5 percent this year from 2015.
Regional preliminary pending sales were at 4,763 in June, up 19.3 percent from 3,992 a year ago.
Brisson-Kuester said the strong growth in pending sales indicates “high demand for our region,” and that the Charlotte-area market remains healthy.
Properties were on the market from list to close for an average of 101 days, which is 12 days fewer than a year ago. Homes were on the market until going under contract for an average of 47 days. That was down from 61 days a year ago.