U.S. Home Sales See First Annual Gain Since 2021; Charlotte Market Surges

By Helen Adams Realty - December 20, 2024

Canopy Realtor® Association Market Updates

Reprinted from November 2024 CRRA Monthly Indicators

U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year in November to a seasonally adjusted annual rate of 3.96 million units. This exceeded economists’ expectations for the month and marked the first annual gain on a national level since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.

Months Supply of Homes for Sale was up 23.8% to 2.6, indicating that supply increased relative to demand. The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.

Locally, New Listings were up in the Charlotte region by 7.3 percent to 3,800. Pending Sales increased 22.5 percent to 3,194. Inventory grew 28.7 percent to 9,176 and prices moved higher as Median Sales Price was up 3.7 percent to $392,012.

A Closer Look