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July homes sales down in 2016

Charlotte-area homes sales fell 9% from year-ago figures in the face of continued low inventory and weak listings hitting the market, according to a monthly report released Aug. 10.

Only 3,900 properties sold in July 2016 compared to 4,286 properties sold in July 2015, and overall sales are down nearly 12% compared to June 2016, according to the Carolina Regional Realtor Association.

The average and median sales prices are both up to $269,426 (+6.5%) and $217,000 (+8.5%), respectively.

Overall inventory has been dropping steadily. Months of inventory fell nearly 30% below year-ago levels to 3.1 months. Inventory of homes for sale fell 23% to 11,290 properties on the market.

"Home sales activity continues to cool in our region due to prolonged low inventory, weak new listing activity and continued price increases. However, demand, as seen through pending contract activity, continues to be elevated. This should send a strong signal to sellers that there are motivated buyers in our market and that the outlook for future sales is still good," said CarolinaMLS President Maren Brisson-Kuester.

In Mecklenburg County, months of inventory fell 31.3% to 2.2 months, while number of homes dropped more than 25% to 3,535 from 4,767 in the same period of 2015. The average list price of a home in Mecklenburg County jumped 10% to $297,599.

Union County saw months of inventory drop 26.2% to 3.1 months and inventory of homes for sale drop 18.2% to 1,072. The average sales price of a Union County home in July 2016 jumped 1.1% to $314,109.

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