Inventory slump continues, prices rise in Oct.

The Charlotte housing market saw much of the same trend in October as previous months - steady gains amid a continued low housing inventory.

Across the CarolinaMLS region, home sales jumped 3.4% from year-ago figures to 3,418 properties sold. However, overall sales were down 11% compared with September 2016 figures, according to the most recent report from the Charlotte Regional Realtors Association.

Average sales prices jumped 7.6% to $256,736, and median prices were up more than 12% to $209,690.

The inventory level for the CarolinaMLS region has dropped 23.1% to 2.8 months, which amounts to 10,570 homes on the market. October's inventory represents a drop of more than a month's inventory from 13,742 homes on the market a year ago in October.

October's inventory level represents a strong sellers market. Six months of inventory is considered a balanced market, while inventory below that level favors sellers.

"The region continues to struggle with persistently low housing supply, which is having a direct effect on prices," said the association President Maren Brisson-Kuester. "Unfortunately, until we're able to see a substantial rise in inventory levels, buyers may be challenged with limited options as we close out the year and move into 2017."

New residential listings increased to 2.7% to 4,150 compared to year-ago numbers.

Mecklenburg County: The average sales price jumped nearly 5% to $273,345 from $260,739. The period from listing to sale close dropped 9.1% to 91 days from 100 days in October 2015.

Housing inventory for the county dropped nearly 25% to 3,315 homes on the market or just 2 months of inventory. In the same year-ago period there were 4,415 homes and a 2.9 months supply.

Union County: The average sales price for October rose more than 10% to $326,460.

Months of inventory dropped 27% to 2.7 from 3.7 months a year ago. In October, there were just 942 homes on the market in the county, down from 1,179 in October 2015.