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New data shows slowdown in housing sales

CHARLOTTE, N.C. — Home prices in Charlotte have been rising steadily since 2012.

A chart from the Case-Shiller Home Price Index reflects that trend, however, the data also shows prices are not climbing as quickly and home sales are slowing.

"I guess that's what's surprising to us is that it's just slowed down so much,” said Will Hadley. “What we're hearing is that it's kind of across the board. It isn't just us."

Will Hadley and Cheryl Hadley have been trying to sell their home since February, and they are not alone.

The number of homes sold in Charlotte has been on the decline for six consecutive months.

The Hadleys have been reluctant to reduce the asking price of their home in Dilworth.

"We think we're asking a fair price for our home,” Cheryl Hadley said.

The price of a home is set by the seller, but a buyer needs to be willing to pay that price.

Charlotte, like other major cities, is going through a tug of war right now that will determine where prices go next.

"If we need to, and we're going to probably, lower the price just a little bit more,” Will Hadley said.

Experts said the last housing boom peaked in 2005, but prices didn't start declining until almost a year later.

It's not clear where Charlotte stands in the current cycle, however, mortgage rates are rising.

Historically, that has contributed to housing market slowdowns.

"Everywhere, everything has just really slowed down,” said Will Hadley.

The next few months are traditionally a slow time of year for home sales, but the trends going into spring suggest lower housing prices may be on the horizon.

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