Has Charlotte’s housing market started down the road to recovery?

Has Charlotte’s housing market started down the road to recovery?

CHARLOTTE, N.C. — Homebuyer demand in the Charlotte region picked up steam in June, local housing data shows.

The Canopy Realtor Association’s latest report, based on Multiple Listing Service data, showed pending home sales increased 26.8% year over year and 4.2% from May. Nearly 6,200 residential properties went under contract last month amid the ongoing COVID-19 pandemic that’s led to widespread economic fallout in Charlotte and throughout the world.

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“The large bump in pending contracts this past month compared to last year shows that buyer demand is healthy and was held back simply due to COVID-19,” Canopy’s 2020 president, John Kindbom, said in the report. “The last two months were certainly challenging, and there are still challenges ahead, but we can already see the market is improving and will likely be a key driver in our economic recovery.”

And while home sales fell for the third straight month of the pandemic, the year-over-year drop in June was far less steep than the 20.8% decline seen in April and the 30.4% decrease in June. The 4,938 homes that sold last month represented a 1.8% drop from June 2019 — off by 93 transactions. That number rose 37.2% — up by 340 — from May.

Though demand held strong in June, signs point to lagging seller confidence. Click here to learn more.

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