Here’s what you should know about what’s going on in our market.
While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen. According to ShowingTime, June showing activity was up notably from the COVID-19 depressed levels in recent months and also up from June 2019, reflecting pent-up demand from prospective homebuyers.
“Housing inventory continues to be very tight.”
New listings were down by 8.5% in the Charlotte region at 5,365. Pending sales increased 26.8% to 6,174, and inventory shrank 46.7% to 5,701 homes. Prices moved higher as the median sale price went up 7.5% to $284,900. The months’ supply of homes was down 50% to 1.3 months, indicating that demand increased relative to supply.
While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed than a year ago. Many housing experts believe that sellers remain reluctant to list their homes due to continued concerns over the pandemic, which began to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
