Lower Rates, Rising Supply Boost Home Sales After 5-Month Dip

By Helen Adams Realty - September 23, 2024

Canopy Realtor® Association Market Updates

Reprinted from August 2024 CRRA Monthly Indicators

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

New Listings were up in the Charlotte region by 10.1% to 5,093. Pending Sales increased 8.7% to 3,867. Inventory grew 47.6% to 9,006. Prices moved higher as Median Sales Price was up 3.6%to $399,000.

Months Supply of Homes for Sale was up 52.9% to 2.6, indicating that supply increased relative to demand. Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace.

Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

A Closer Look