Housing Demand Continues to Outpace Supply

By Helen Adams Realty - July 11, 2023

Canopy Realtor® Association Market Updates

Reprinted from June 2023 CRRA Monthly Indicators

Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

New Listings were down in the Charlotte region by 28.6 percent to 4,655. Pending Sales decreased 6.2 percent to 4,055. Inventory shrank 17.2 percent to 4,963.

Prices moved lower as Median Sales Price was down 2.5 percent to $389,900. Months Supply of Homes for Sale was up 7.7 percent to 1.4 months, indicating that supply increased relative to demand.

Nationwide, total housing inventory increased 3.8% from the previous month, for a three-month supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NAR. As demand continues to outpace supply, properties are selling quickly, with the majority of homes listed for sale on the market for less than a month.

A Closer Look