Charlotte-area home sales rose 10 percent in October from a year ago as fewer properties were put up for sale, the Charlotte Regional Realtor Association reported Friday.
The average sales price was also up, rising 3 percent to $210,278, the report on existing-home sales showed. Compared with September, prices fell 5 percent.
In October, 2,831 homes sold, up less than 1 percent from September.
Inventory, which is being widely watched in Charlotte and elsewhere, dropped to a 5.3-month supply from 6.9 months’ worth a year ago. The tight supplies are credited with helping drive appreciation, as potential buyers try to outbid one another for some properties. In October, 15,366 homes were listed for sale in the Charlotte region, down 8 percent from a year ago and 1 percent from September.
It’s unclear how much of a drag rising mortgage rates and low supplies will be on the housing market, which traditionally slows down in the second half of the year. Eric Locher, president of the association, said in a statement that Charlotte’s housing market continues to recover. But, he said, “given the challenges of persistently low inventory, tight credit, rising interest rates and uncertainty on the federal level, future sales could be impacted.”
The association’s report comes after real estate data company CoreLogic said Tuesday that Charlotte-area home prices rose 7.1 percent in September from a year ago, for the 19th month in a row of year-over-year gains.
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