As it reported Tuesday that Charlotte-area home sales rose in July from the same month last year, the Charlotte Regional Realtor Association also said that the area’s real estate market is returning to prerecession patterns.
There were 2,653 closings in July, an increase of 22% from 2,171 in July 2011.
Jennifer Frontera, CRRA president, in a press release issued Tuesday called attention to July’s 1,738 pending contracts, which were down 15 percent from the 2,053 in the same month last year.
“Pending contracts have always been seen as a gauge of demand,” Frontera said. “Contract activity has been elevated for nearly a year now. The fact that contracts are falling at this time of year shows that the market is now performing in a similar fashion to the way it did before the recession, with contracts and closings peaking in midsummer and falling as the selling season winds down.”
Also Tuesday, the CRRA reported that:
• The average sales price in July was $220,385, up 3% from $213,205 in July 2011;
• The median sales price rose 1.6%, from $166,100 to 163,500, over the same period; and
• The average list price fell 1.4%, from $237,904 to $241,380, during the same period.