October 2016 Charlotte Market Update
The housing market continued to show a bit of a slowing trend in the month of September with low inventory being the primary catalyst for the continued decline. Despite the low mortgage interest rates, local job growth and Charlotte home sales have slowed a bit after Q2’s record-setting data. As well, first-time homebuyer affordability has caused delayed ability to purchase but, is expected to contribute to a boost in future Charlotte sales increases as inventory rises to higher levels.
Interest Rates
Interest rates remain near all-time lows. Mortgage rates have remained relatively stagnant but, an increase in the interest rate is anticipated in December, 2016 - January, 2017.
Home Sales
Charlotte home sales showed a 6.2% increase in September year-over-year. Sales reflected an increase of 1% from August, 2016.
Average Sales Price
The average home price increased to $264,702 in September, which was up 5.7% from August and up 5.5% from September of last year. This translates to the average home price having increased by nearly $14,321 in the past year.
Inventory
*Data derived from CMLS deemed reliable but, not guaranteed
Charlotte continued with a low, 2.6-month supply of inventory in September, which was a whopping 25.7% decrease from August, 2016. The total number of Charlotte homes for sale decreased by 10% compared to September of last year.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | October 2016 Charlotte Market Update
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