CHARLOTTE, N.C. — Home sales continue to slump in North Carolina. According to Redfin, sales declined by 17% in June compared to the same time last year.
What You Need To Know
- North Carolina home sales declined by 17% in June 2023 compared to last year, according to Redfin
- Cities like Charlotte and Raleigh saw a 22% decline in sales, and Asheville sales dropped by nearly 30%
- Data from Canopy Realtor Association shows median sales prices are increasing in some regions
Larger metros in the Tar Heel State are seeing an even steeper decline. Redfin reported more than a 22% decline for the Raleigh area and close to a 30% drop in sales for Asheville.
As sales dropped by 22% in Charlotte, Canopy Realtor Association’s latest data shows home values increasing across the region as inventory remains tight. Canopy President Tiffany Johannes says areas like Waxhaw, Matthews, Huntersville, Mecklenburg County and Union County all saw median sales prices go up in June.
“[It’s] a result basically of a lack of inventory, which is putting pressure on prices to go up as buyers find ways to find homes,” she said.
Even though she projects sales across the state to continue to decline through the end of the year, she said things are looking up for the start of 2024.
“I am hopeful that we will see, and I think NAR and mortgage broker association Fannie Mae all think interest rates will be down by the end of the year, and start declining as we move into the first and second quarters of 2024” she said. “And that will be a good thing for us.”
She said now might be the time to buy and rent back the [interest] rate ahead of an anticipated selling frenzy next year.