Charlotte-area home sales jumped 3.7 percent in June from a year ago as low supplies continue to push prices higher, a report Thursday showed.
There were 3,631 purchases in the month, up from 3,502 a year ago, according to the Charlotte Regional Realtor Association report on existing-home sales.
Prices rose 7.5 percent on average, to $257,854, as the inventory of homes on the market fell to a 5.4-month supply from a 5.9-month supply the same month last year. A widely accepted definition of a seller’s market is one with a six-month supply of listings.
Low supplies, credited with helping boost prices in Charlotte and elsewhere, remain a factor in sizable annual appreciation gains.
“Inventory has been unchanged, fixed at 5.4 months’ supply for the past few months, which means prices across the region should most likely continue to increase as well,” Joe Rempson, president of the Realtors association, said in a statement.
June’s sales increase followed an annual decline in May sales. The Realtors association blamed the May decline largely on big investors scaling back purchases of single-family homes to rent them out.
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