August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
Stats from Charlotte Regional Realtor Association
August 2016 August 2017 %Change
Homes for Sale 12,477 10,153 -18.6
Pending Sales 4,116 4,753 +15.5
Closed Sales 4,467 4,297 -3.8
Days on Market 54 51 -5.6
Avg Sales Price $270,920 $273,549 +1.0
Months Supply of Homes 3.4 2.6 -23.5
Based on information from the Carolina Multiple Listing Services, Inc. for the month of August 2016 & 2017 for the entire Carolina MLS area.