The November 2016 housing market update from the National Association of Realtors (NAR) revealed that sales are now at an annual pace of 5.61 million, which is "now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million)."
Additionally, the NAR existing home sales report showed that inventory has dropped year-over-year for the last 18 months, while the median price for all home sales in November was up 6.8% from last year and marked the 57th consecutive month of year-over-year gains for media sale prices.
How The Charlotte, North Carolina Housing Market Compared To National Averages In November:
- Charlotte Region Average Sale Price: up 8.1% compared with a 6.8% increase nationally.
- Charlotte Region Sales: up 19.7% compared with a 15.4% increase nationally.
- Charlotte Region Inventory: down 24.9% compared with a 9.3% decrease nationally.
Despite double digit decreases in Charlotte region's inventory month after month, home sales in the Charlotte region continue on an upwards trajectory and doing better than national averages. But without a doubt, the lack of inventory is fueling increasing home prices as demand outstrips supply.
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This Charlotte, NC region housing market update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
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