Freddie Mac reported that the average 30-year fixed-rate mortgage dropped to 3.64% this week, the lowest level in three months and down from 4.45% one year ago. Additionally, conforming and FHA loan limits have increased for 2020. Increased loan limits coupled with low rates, will give more buyers the ability to purchase a wider range of properties. These changes, along with the continued strong labor market, is likely to spur buyer demand even in the face of a constrained supply of homes for sale throughout much of the country.

Charlotte Region

For the week ending Jan. 11:

• New Listings decreased 7.6% year-over-year to 1,046
• Pending Sales increased 15.6% year-over-year to 962
• Inventory decreased 22.8% year-over-year to 7,537

For the month of December:

• Median Sales Price increased 12.2% year-over-year to $266,000
• List to Close decreased 5.9% year-over-year to 96
• Percent of Original List Price Received increased 0.7% year-over-year to 96.5%
• Months Supply of Homes for Sale decreased 25.0% year-over-year to 1.8 months

Asheville Region

For the week ending Jan. 11:

• New Listings decreased 5.1% year-over-year to 203
• Pending Sales increased 38.1% year-over-year to 243
• Inventory decreased 16.5% year-over-year to 3,905

For the month of December:

• Median Sales Price increased 8.2% year-over-year to $265,000
• List to Close decreased 0.8% year-over-year to 126
• Percent of Original List Price Received increased 0.7% year-over-year to 92.9%
• Months Supply of Homes for Sale decreased 26.3% year-over-year to 4.2 months