The average sales price of a home listed in Charlotte, N.C. grew 5.1 percent over the past year to $290,486, according to new data from the Carolina Multiple Listing Services.
Jason Gentry, president of the Charlotte Regional Realtor Association explains that tight inventory is pressuring prices in the area, as is the case nationally, and is slowing down sales, telling The Charlotte Observer, “Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want.” The share of for-sale homes in Charlotte was down 16 percent annually in July.
Across the U.S., existing home sales are down 2.2 percent for first half of the year, the National Association of Realtors said last month. Lawrence Yun, the group’s chief economist, blamed “the severe housing shortage that is not releasing its grip on the nation’s housing market. What is for sale in most areas is going under contract very fast and in many cases, has multiple offers. This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales,” said Yun.
