Home sales were anemic in Charlotte last month. Amidst ongoing economic uncertainty and the government shutdown, sales fell more than 3% last month compared to September. But the average price still rose almost 5%, to more than $511,000.
Compared to October in the prior year, sales were up less than 1% last month.
“Even as mortgage rates trend lower and inventory levels improve, many consumers are still feeling the weight of higher costs and economic uncertainty,” said Joan Goode, president-elect of Canopy, the region's association of Realtors. “These factors continue to limit the number of buyers who can fully take advantage of the growing number of homes for sale. But the increase in listings and stability in buyer activity are encouraging signs that the market is slowly moving toward a healthier balance and improved affordability. Sellers can capitalize on this steady buyer engagement by pricing strategically and for the very local market.”
The median sale price rose 1.8%, to $400,000 (the median sale price is less weighted towards higher-priced homes than the average sale price).
Houses also sat longer, with the number of days on the market rising to 98 — and increase of 9 days from the same time last year. That's another indicate that the market could be cooling off. The number of homes for sale also rose 25%, to more than 12,000.