Home Prices are Rising as Fast as our National Debt - Really!

You should be checking your local housing market to assess how high home prices have increased since the beginning of the year. For our local area in North Carolina, price has increased:

Median Price is up 10.1%

Average Price is up 11.5%

The Lack of listing inventory plus stronger buyer demand is the main component that is driving this price gain, but appraisals are very tricky in a market that has rising prices..

Monthly supply of homes for sale in the Charlotte region is bouncing between 5 and 6 months.

 

 

 

 

 

This graph was published by the National Association of Realtors and represents the national inventory level of homes listed for sale.

 

Please offer an explaination as to why homeowners are NOT listing their homes for sale.

 

 

 

            Over the past 4 to 5 months shows 80 days on average to get a listing sold (days on the market). This figure is significant because it also tells me that there are qualified buyers in the market and the rise in interest rates have again made buyers decide that now is the time to buy.