RE/MAX July 2018 National Housing Report
The RE/MAX National Housing Report for July 2018: "Sales Increase Nearly 2%, Despite Record Prices, Sinking Inventory" was this month's headline. July home sales rose 1.8% year-over-year, making it only the second month in 2018 to post a sales increase year-over-year, according to the latest RE/MAX National Housing Report. 37 of the report’s 54 metro areas followed posted sales increases over July 2017.
To quote Adam Contos, RE/MAX CEO: "Because we’ve faced challenging inventories and increasing home prices for some time now, a seasonal slowdown that rebalances the market a bit might actually be a positive in the months ahead. It could level affordability to some extent and create more opportunity for buyers who’ve been priced out of hot markets.”
For a more detailed review, click here for the latest RE/MAX National Housing Report.
How Charlotte, North Carolina's region housing market compared to national statistics in June 2018:
The RE/MAX National Housing June 2018 Report's headline could be used for the Charlotte region's home sales in June, as well: "Record prices, sinking inventory." In Charlotte, this however, is causing a continued downward trend on closed sales.
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Median sale price of Charlotte region homes was up 2.1% compared with July 2017 versus 4.4% nationally. Charlotte area's median price sale of $240,000 in July lagged the national median home sale price of $250,575.
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Closed sales in Charlotte region were down 2.8% compared with an increase of 1.8% nationally in July 2018. Extreme lack of affordable inventory in Charlotte contributed to this decrease.
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Months supply of homes in the Charlotte region was 2.4 months, down 17.2% versus July 2017. Charlotte region's months supply of homes remains lower than the national average of 2.9 months, continuing to put pressure on both closed sales and home prices.
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Average days on market in the Charlotte region compared well with national averages of 41 days with days on market until sale in Charlotte at 36 days (down 8 days and 14.3% year-over-year). Cumulative days on market in Charlotte in July 2018 were 42 (down a full 7 days compared with one year ago). The lower days on market are attributable to diminishing inventory in the Charlotte region.
More information about how the Charlotte, NC region housing market performed in July 2018
With continuing demand for homes and rising home prices due to lack of inventory, it may be the perfect time to sell your home. It may also be the perfect time to buy a Charlotte area home before both home prices and interest rates rise further.
This real estate monthly update is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts.
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