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Charlotte Home Prices Leave Buyers Looking Elsewhere

Home prices in Charlotte have become too high for many prospective buyers and it only seems to be getting worse. Low inventory is causing a spike in home prices leaving buyers with very little to choose from.

"According to data released Friday by the Carolina Multiple Listing Services, the average home sales price in July rose 5.1%, to $290,486, compared to the same month last year," according to National Mortgage News.

"The number of homes sold fell almost 3% in the Charlotte region, a blow to the real estate industry during its busiest time."

Homes that are on the market are still managing to move at a high pace due to increased demand and pending contract activity. It's hard to believe that with buyers feeling the squeeze from these prices, there is still plenty of activity in the Charlotte market.

"Charlotte is being impacted by the same dynamics that are dragging down home sales nationwide," according to the NMN report.

"Homebuilding, which fell off dramatically after the Great Recession, hasn't rebounded enough to keep pace with demand, limiting the supply of available houses and pushing up prices."

It is hard to say when home prices will return to affordable prices, rather than prices that reflect inflation due to the current inventory woes.

To learn more about the home price spike in Charlotte, click on the image above.

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