Strong Competition Continues as Inventory Stays Low

By Helen Adams Realty - May 12, 2023

Canopy Realtor® Association Market Updates

Reprinted from April 2023 CRRA Monthly Indicators

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pull back, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year, the largest year-over-year decline since January 2012, according to NAR.

New Listings were down in the Charlotte region by 25.1 percent to 4,349. Pending Sales decreased 9.1 percent to 4,328. Inventory of homes for sale grew 27.7 percent to 4,697.

Prices moved lower as Median Sales Price was down 1.1 percent to $375,900. Months Supply of Homes for Sale was up 62.5 percent to 1.3 months, indicating that supply increased relative to demand.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.

A Closer Look