New Listings on the Rise as Existing Home Sales Fall From One Year High

By Helen Adams Realty - May 20, 2024

Canopy Realtor® Association Market Updates

Reprinted from April 2024 CRRA Monthly Indicators

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR). Higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings were up in the Charlotte region by 17.0% to 5,175. Pending Sales increased 3.6% to 4,250. Inventory grew 24.5% to 6,424.

Prices moved higher as the Median Sales Price was up 4.0% to $390,000. Months Supply of Homes for Sale was up 35.7% to 1.9., indicating that supply increased relative to demand. Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season.

Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

A Closer Look