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Home sales weak in September; prices continue to fall

Home sales across the Charlotte region in September rebounded strongly from a year ago, but fell from August, while prices declined from both August and a year ago, the Charlotte Regional Realtor Association said Monday.

There were 1,970 closings across the Charlotte region in September, up 26 percent from a year earlier when closings totaled 1,564. But that was down 13.9 percent from August, when 2,289 home sales closed. The figures are based on data from Carolina Multiple Listing Services Inc. (CMLS).

The average sales price in September 2011 ($196,686) was down 6.5 percent compared to September 2010 ($210,257), and down 4.5 percent compared to August 2011 ($205,854). The median sales price in September 2011 ($149,900) decreased 4.5 percent compared to the September 2010 median sales price of $157,000, and was down 5 percent compared to the August 2011 median sales price of $158,000.

The average list price in September 2011 ($246,472) increased 5.4 percent from last September’s average list price of $233,906, and was up 4.9 percent from the August 2011 average list price of $235,021.

Pending home-sales contracts in September totaled 1,913, up 14.3 percent compared to September 2010, when there were 1,674. That also was up 15.5 percent from August’s figure, 2,263. New residential listings in September 2011 totaled 3,349.

In another sign of improvement, the number of area transactions that deal with distressed sales continued to decrease, with the number of foreclosures for sale in the MLS in September 2011 totaling 662. Distressed properties comprised 15.9 percent of all new listings in September 2011 and accounted for 21.4 percent of closings, which indicates that consumers are absorbing these property types faster than lenders are listing them.

In April 2011, CMLS began using a new reporting tool to create reports. In order to report the most up-to-date figures each month, the tool is constantly “updating history” instead of allowing data to remain static once it’s reported. Therefore, with each new month of reporting there could be slight variances in what was reported in the previous month as transactions are updated and adjustments are made within the MLS system.

For more residential-housing market statistics, visit the association’s website at www.CarolinaHome.com and click on “Community Data.”

This post was written by:

- who has written 195 posts on Real Estate.

David Boraks is the founder and editor of Davidson News LLC, which started in 2006 as a neighborhood blog and evolved into a regional community news network. He is a print, magazine, web and radio journalist, with experience in every nook and cranny of the news world, covering everything from local news to Fortune 100 companies to technology to Asia. He lives on South Street in Davidson, in a house that was at the center of a 1914 murder case. Ask him and he'll tell you that story.

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