CHARLOTTE, N.C. — Challenges remain for Charlotte area homebuyers.
From low housing inventory to high borrowing costs, the once red-hot housing market has cooled off.
Homes are staying on the market longer than last year, but they're still selling fairly quickly through the region.
"Charlotte's still the hot spot," Patrick Nooney, a relator with ReMax Executive, said.
But mortgage rates have been on the rise, and that's leading to a reduction in the number of homes on the market and therefore home sales.
People are reluctant to sell and give up their low-interest rates.
According to the most recent data from Canopy Realtors, the Charlotte region's home sales in June declined 22.1% compared to last year.
“Savings of the average people in the U.S. are going down, not going up,” Nooney said.
Even so, Nooney said the Charlotte region is still a seller's market.
“Charlotte has an average of 135 people 365 days a year not just moving to Charlotte, but the Charlotte metro," Nooney said.
While there is less competition, affordability continues to be a challenge.
“A lot of people, to find the house they can afford for themselves, and their family are going out a little further than they used to,” Nooney said.
Nooney said now could be the time to buy because even though interest rates are high, you can always refinance your home if they fall later.
“Marry the house, date the rate,” Nooney.
Experts tell WCNC Charlotte mortgage rates will continue to decline throughout the year into 2024.
Contact Lexi Wilson at lwilson@wcnc.com and follow her on Facebook, Twitter, and Instagram.