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Charlotte-area home sales rose 13.3 percent in October from the same month last year, as declining supplies of properties on the market showed no signs of letting up.
There were 3,210 closings posted in the month, an increase of 378 from October of last year, according to an existing-home report released Monday from the Charlotte Regional Realtor Association.
The association said sales this year are on track to outpace last year’s. Sales so far this year are up nearly 4 percent compared with the same period last year.
The improvement comes as sales of existing homes nationwide are strengthening after a slow start to the year. On Friday, the chief economist for the National Association of Realtors said home sales are showing stronger growth thanks to pent-up demand, slower gains in prices and increases in inventory.
Inventory is still tight in the Charlotte region, which is contributing to rising prices. The amount of homes for sale fell to a 4.8-month supply in October, the second-lowest level all year behind January’s 4.7 months.
A widely accepted definition of a balanced market is one with a six-month supply. Charlotte has remained below that level since November 2012.
Joe Rempson, president of the Charlotte Regional Realtor Association, said demand for homes in the Charlotte area has persisted throughout 2014.
“However, inventory continues to be a challenge, and buyers may face limited choices since inventory generally falls as we enter the holidays,” he said.
Sales fell 1.3 percent compared to September.
The average sales price in October rose to $228,080, an increase of 8.5 percent from a year ago.
The Realtors report is based on activity in a roughly 18-county region. It generally does not include sales of new homes.
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