Charlotte Housing Monthly Review – July 2017

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  • housing-review-charlotteKEY HIGHLIGHTS. The Charlotte housing market continued to accelerate although affordability continues to be the most substantial headwind as prices are still rising, but at a slower rate. This is especially seen when more expensive homes are involved. Another headwind potentially is higher interest rates as well if the Federal Reserve continues to hike rates.
  • CUMMULATIVE DAYS ON MARKET. This figure now stands at 41 down from 62 a year ago, down 15 points from April’s 56. The decline continues a trend that began since 2011.
  • AVERAGE SALES PRICE. This figure fell from record levels at $282,736 in July vs $295,924, but still up 5.0% year over year. The 12 month average stood at 7.4%. The trend to move to south side of Charlotte continued as prices fell in Lake Norman disproportionally vs Waxhaw which rose. Specifically, Lake Norman prices are nearly flat YTD vs Waxhaw up 2.5%; these areas have among the highest average selling prices in Charlotte.
  • CLOSED SALES. This figure rose 3.9% year over year while year to date rose 7.6%.
  • PENDING SALES. This figure rose 16.2% year over year while year to date rose 7.3%.
  • MONTHS OF SUPPLY OF HOMES. This figure held steady at 2.2 days, but fell year over year by 29% from 3.1. The figure remains near 2017 lows set in May at 2.1 days.
  • COMMENTARY. The most interesting trend that continues is that lower priced homes continue to appreciate faster (2X-3X faster in some cases) than higher priced homes. Since starter homes are lower priced and rent increases continuing the buy vs rent decision appears to be the driver. Also affordability appears to be in play as well.

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