Charlotte-area home sales, contracts plunge as demand weakens

Home sales and pending contracts in the Charlotte region plunged in October as the once-roaring housing market continues its slowdown.

Canopy Realtor Association’s latest monthly housing report, released today, showed that home sales fell 29.9% year over year in October — marking their 10th straight month of declines and the biggest drop since May 2020 as pandemic-induced lockdowns stalled housing activity. About 3,500 homes sold across the 16-county region last month, a 16% decline from September.

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In its report, Canopy noted that despite the consistent drops, the region is currently pacing on track to end the year with 50,000 home sales — similar to 2019.

It’s not just home closings that are down — pending sales also fell in October for another consecutive month, a signal of weaker buyer demand. Pending sales decreased 33.9% year over year, with 3,369 contracts written in October. Contact activity also fell 12.4% from September.

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