RE/MAX National Housing Report: August 2017

RE/MAX  August 2017 National Housing Report:
July 2017 Housing Data
 

 

The RE/MAX National Housing Report for August 2017:  "Home sales decreased in July, but sold at a faster pace than any month in a decade" was this month's headline.

 

To quote Adam Contos, RE/MAX Co-CEO:  “After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July. This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”

 

RE/MAX National Housing Report August 2017

For a more detailed review, click here for the latest RE/MAX National Housing Report.

 

 How Charlotte, North Carolina's region compared to national statistics in July 2017:

  • Median sale price of Charlotte region homes was up 9.8% compared with July 2016 versus 7.4% nationally. Charlotte area's median price sale has essentially caught up with national averages at $236,000 and increased from $215,000 just one year ago.
     
  • Closed sales in Charlotte region also compared favorably with national averages of -0.8% with closed sales up 3.1% in July 2017 versus July 2016.
     
  • Months supply of homes in the Charlotte region was 2.6 months, down 25.7% versus July 2016. Charlotte region's months supply of homes remains a bit lower than the national average of 3.1 months.
     
  • Inventory of homes in the Charlotte region was down 19.8% in July 2017 (compared with national figures down at 14.1%) as compared with one year ago.
     
  • Average days on market in the Charlotte region compared favorably with national averages of 45 days with days on market until sale at 40 days (down 8 days and 16.7%) and cumulative days on market at 47 days (down 19.0%) in July 2017 versus the same month one year ago.

 

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 home before both home prices and interest rates rise further.

 

This real estate monthly update is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants. 

 

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