Charlotte NC Real Estate Market Report—Second Quarter 2010
The National Association of Realtors (NAR) and the Carolina Multiple Listing Service publish a quarterly economic and market watch report for the Charlotte NC metropolitan area. 
The just-published report for the second quarter of 2010 focuses on the impact of the federal tax credit program for first-time and repeat homebuyers and what the end of this stimulus program means for the local and national real estate market in the coming months.
The table below shows housing market statistics for Mecklenburg County where Charlotte is located. First quarter data of 2010 are compared with second quarter data of 2010.
| Quarter 1 2010 | Quarter 2 2010 | |
| Average Price | $230,000 | $244,500 |
| # Homes on Market | 8745 | 8796 |
| # Homes Sold | 1695 | 2684 |
| # New Homes Built | 580 | 304 |
| Avg # Days on Market | 105 | 101 |
Source: National Association of Realtors, Carolina Multiple Listing Service
The effect of the tax credit stimulus shows clearly in the table. The number of homes sold increased by approximately 59% in the second quarter. Prices increased 6% over the first quarter showing that the tax credit achieved its goal of stabilizing home prices. The number of homes on the market remained steady while the average days on the market decreased slightly.
Economic Forecast for the Housing Market
The NAR report includes a forecast of the national housing market over the next six months. The Charlotte NC real estate market will most likely follow the national trends outlined in the report.
- Existing Home Sales. Likely a downward trend. Existing sales will be weak in the short term after the tax credit.
- New Home Sales. Likely an upward trend. Buyers of new homes are less influenced by the tax credit.
- Housing Starts. Likely an upward trend. New home inventory remains at very low levels.
- Housing Affordability. Likely steady. Housing affordability is at healthy levels and will remain at historic highs.
- Mortgage rates. Likely an upward trend. Mortgage rates are at historic lows, which is mostly likely a short-term trend.
Get more information about pricing, affordability and foreclosures in the Charlotte NC real estate market.
Charlotte NC Real Estate Market Report—First Quarter 2010
Want to know more about real estate and living in Charlotte NC and its small towns? Visit www.CarolinaSmallTownLiving.com.
Copyright 2010. Carol Fox. Allen Tate Realtors. *Charlotte NC Real Estate Market Report—Second Quarter 2010*
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