Prime selling season is in full swing, but despite another month of a slight increase in home sales, Charlotte still has a low supply of houses for sale.
Home sales in May were essentially flat from last year, rising 0.5%, according to a report from the Charlotte Regional Realtor Association. Year-over-year home sales had declined for 11 months before April, according to a report from Carolina Multiple Listing Services.
The supply of homes for sale fell 10.1 percent compared to last year. There's about a 2.5-month supply of inventory now, much lower than the six months experts say is needed for a balanced market.
Prices also increased, with the median price rising 5.7% to $259,900.
Brenda Hayden, president of the Charlotte Regional Realtor Association, said she expects home sales to continue rising thanks to a number of large companies moving to Charlotte such as Honeywell and the newly-named Truist Bank, created by merging Suntrust Bank and BB&T.
"The good news is that people are paying attention to Charlotte nationally," Hayden said. "Our economic development group is bringing industries here. The impact is more people in Charlotte — which people have to have somewhere to live."
Despite the low supply and flat home sales year-over-year, Hayden said there are enough families looking to move that they will help boost next month's sales.
