Metrostudy Report - Charlotte, NC– November 1, 2011 - Charlotte’s housing market improved in starts, closings, and inventory absorption during 3Q11, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The Charlotte MSA unemployment rate stood at 11.1% as of August 2011. Annualized job growth decreased from July’s 4,500 to 4,100 jobs added over the past year as of August. “Consumers remain apprehensive with the weak job market, high unemployment, and the economy in general,” said Bill Miley, director of Metrostudy’s Charlotte division.

Charlotte started 1,459 homes in 3Q11, 9.7% more than 2Q11’s 1,330 and 27.4% more than in third quarter 2010. Charlotte closed 1,671 units, 13.3% better than 2Q11’s and 7.3% higher than 3Q10.
“Inventory months of supply for all new housing types (attached and detached) dropped due to closing more homes than we started and our rising annual closing rate,” said Miley. Total inventory of homes stands at 4,102, a 8.6 month supply at the end of 3Q11. This is the lowest supply in Charlotte in three years. Detached only homes, which accounts for 85% of Charlotte’s new housing, decreased to 6.9 months of supply. A 6-8 month supply is considered equilibrium.

“Despite our high unemployment, the Charlotte MSA currently ranks fifteenth in the country in single family permits, further testimony to the desirability, appeal and strength of Charlotte NC and the overall weakness of the national housing market,” said Miley.

For information contact:
bill miley @ 704.650.7584
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