Charlotte, Matthews & Huntersville, NC Area Home Sales Slow for June 2017

Charlotte area home sales growth has slowed despite healthy economy and strong consumer demand for new construction.

Charlotte , United States – July 19, 2017 /PressCable/ —

Despite the continued surge of relocations to the Charlotte, NC area, home sales growth has slowed down. In light of strong job creation and healthy overall economic trends for a region that includes the towns of Matthews and Huntersville, it’s puzzling at first glance.

But delve a little deeper and the mystery has been solved: it’s all about inventory and the construction of new homes.In fact, housing starts have been drifting lower, to the point where some fear the possibility of serious housing shortages down the road. And it’s true that new construction and building permit applications continue to lag behind growing demand. But when factor in the widespread availability of credit coupled with low mortgage rates, not to mention the forecast for robust economic growth for the Charlotte, NC area, and it’s easy to make a case for optimism. So despite the concerns over inventory, it’s reasonable to expect home builders to rise up to the challenge.

As of June 30, 2017, the inventory of homes for sale came in at 9,967 homes, compared to 12,592 for June, 2016. That’s a drop of 2,625 units, representing a decrease of 20.8%. The number of months supply of homes for sale declined from 3.5 to 2.5, a loss of 28.6%. Further confirmation of the ongoing seller’s market can be seen in the percent of original list price received, which was 96.8% last June, but has now climbed to 97.5%, a gain of .7%. That’s not a huge increase, but that statistic is significant due to the steady growth over several years. And finally, the current median sales price of $245,000 represents a $20,000 increase from June, 2016, a hefty rise of 8.9%. Once again, all indicators point to the long-standing seller’s market to persist for the foreseeable future.

See reports for Charlotte, Matthews, and Huntersville to compare sales trends between area cities.

Contact Info:
Name: Julie Tuggle
Email: jtuggle@carolinabuyersagent.com
Organization: Carolina Buyer’s Agent
Address: 1809 E Barden Rd., Charlotte , NC 28226, United States
Phone: +1-704-366-0542

For more information, please visit https://carolinabuyersagent.com/

Source: PressCable

Release ID: 218971