Nationally, existing home sales in the US dropped 5.4% to a seasonally adjusted annual rate of 5.12 million according to The National Association of Realtors®. Housing affordability continues to take a toll on new buyers as the average home price has increased 13.4% from June 2021. NAR Chief Economist Lawrence Yun, “Both mortgage rates and home prices have risen too sharply in a short span of time.” The Charlotte area has seen an increase of 16.3%. The good news is the supply of inventory has increased to 1.1 months supply in our area and 3 months supply nationally.
Properties in Mecklenburg County stayed on the market an average of 16 days compared to 14 days nationally. Eight-eight percent of homes sold in June 2022 were on the market for less than one month. “Finally, there are more homes on the market,” Yum added. “Interestingly though, the record-low pace of days on market implies a fuzzier picture on home prices. Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Whether you are a buyer or seller, first-time homebuyer or seasoned homebuyer, it is still so important to use a real estate professional for all housing transactions. Brokers have resources within their brokerage to keep them up to date on market trends, exclusive listings, and so much more. Contact your preferred agent for more information about your particular home buying or selling. A professional agent will give you the hard truth on whether it is a good time for you to buy, sell, or wait out this ever-changing real estate market.