Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings were up in the Charlotte region 7.7 percent to 5,579. Pending Sales increased 19.3 percent to 4,763. Inventory shrank 23.3 percent to 11,145 units. Prices moved higher as Median Sales Price was up 8.1 percent to $225,000. Months Supply of Homes for Sale was down 31.8 percent to 3.0 months, indicating that demand increased relative to supply.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.