Homes continue to get more expensive and fly off the market quicker than ever, per the latest from Canopy MLS.
Why it matters: We keep hearing about a market crash, but so far, none of the data supports that in Charlotte.
Yes, but: Weekly data show early signs of a changing market, if even in the slightest. From March through May, pending sales started to level off a bit and more often than not, there were weekly surges in new listings, according to data Canopy MLS shared.
What’s happening: For the month of May, new listings were up 4.4% and pending sales were down 2.1% overall.
- More homes are coming to market as sellers fear missing peak sales prices, but buyers are holding off as home ownership becomes too expensive.
- This comes after mortgage rates surpassed 5% for the first time in 10 years.
By the numbers:
- The median home sale price in May was $391,240, up 20.8% from May of last year.
- Homes sold for 102.9% of asking price, on average. Which means people are still paying over asking.
- Homes sold 22% quicker than this time last year.
- Inventory is down 12.3% year over year.
Be smart: Inventory, though picking up, is still critically low overall and home prices keep going up. It will take several months of increased supply and decreased demand to see home prices soften.
Zoom out: Nationally, mortgage applications were down 16% and one in five sellers dropped their asking price in May, per Redfin’s latest market update.
What we’re watching: New listings and pending sales. If more listings flood the market this summer and buyers don’t bite, that’s when we would start to see the market shift.
Bottom line: We’re not seeing major changes in Charlotte just yet. But a slightly slower market could mean more choices and fewer bidding wars for buyers in Charlotte.