Charlotte Home Inventory Hits Record Low in June
CHARLOTTE, NC – Record low inventory in the Charlotte housing market is putting a squeeze on people struggling with home security.
“There’s a real drastic decline in the number of houses for sale,” said Ely Portillo with the UNC Charlotte Urban Institute.
According to Realtor.com, new listings were down more than 30 percent in the city, making it one of the steepest drops in the nation.
Portillo says June inventory hit a record low with 47% fewer homes available compared to last year.
“We’re in a really tight situation. Not a lot of inventory out there. Supply and demand, that means prices are staying high,” said Portillo.
Home prices are up 3.5 percent in June compared to last year. COVID-19 is causing sellers to hang onto their homes, which creates a cycle.
“People are still hesitant about going to open houses. People are worried, fairly so, about their safety,” said Portillo.
“We know the research shows that getting into that home is really a great step to building generational wealth,” explained Juan Hernandez, an attorney with the Charlotte Center for Legal Advocacy.
He says rising prices and fewer options impacts minorities and lower income families the most.
“If you already can barely afford rent then you’re not going to be able to save up for that down payment,” said Hernandez.
He says more people will be forced to continue renting, while other areas of their lives may suffer.
“Having the ability to live in a secure home without the fear of eviction really allows for the family to flourish,” said Hernandez.
Portillo says evictions and foreclosures will be another metric to watch in July and beyond. He says we could see surges as people remain out of work and home sales stay tight