RE/MAX National Housing Report:
February 2017 Housing Data
The RE/MAX National Housing Report for March 2017: "February home prices reached a new high as steady demand combined with record low inventory drove prices up" was the story of the month.
According to the March 2017 RE/MAX National Housing Report, Active inventory reached a record low for February, dropping 17.9% year-over-year, marking the 100th consecutive month of year-over-year declines dating back to October 2008.
To quote Dave Liniger, Chairman and CEO of RE/MAX: “Inventory, not the rise in interest rates, remains the principal constraint on home sales. The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”
For a more detailed review, click here for the latest RE/MAX National Housing Report.
How Charlotte, North Carolina's region compared to national statistics in February 2017:
Median sale price of Charlotte region homes was up 10.2% compared with February 2016 versus 6.0% nationally. Charlotte area's median price sale is catching up with national averages at $199,000 and increased from $180,525 just one year ago.
Closed sales in Charlotte region also compared favorably with national averages of -0.02% with closed sales up 0.5% in February 2017 versus February 2016.
Months supply of homes in the Charlotte region was 2.3 months, down 28.1% versus February 2016. Charlotte region's months supply of homes is considerably lower than the national average of 3.6 months.
Inventory of homes in the Charlotte region was down 21.4% in February 2017 (compared with national figures down at 17.9%) as compared with one year ago.
- Average days on market in the Charlotte region compared favorably with national averages of 68 days with days on market until sale at 57 days (down 14 days and 19.7%) and cumulative days on market at 67 days (down 20.2%) in February 2017 versus the same month one year ago.
With continuing demand for homes and rising home prices it may be the perfect time to sell your home. It may also be the perfect time to buy a home before both home prices and interest rates rise further.
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This monthly RE/MAX National Housing Report for March 2017 is brought to you courtesy of Nina Hollander and Carolinas Realty Partners with RE/MAX Executive, your Charlotte metro area real estate consultants.
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