R
eal estate agents in Charlotte are pinning their hopes on last month's Federal Reserve rate cut to boost home sales. However, the numbers don't quite support that optimism yet. According to the Canopy Realtor Association, Mecklenburg County saw a nearly 9% decline in home closings in September compared to the same period last year.

    Tony Mecia of the Charlotte Ledger Business Newsletter notes that it takes time for rate cuts to trickle down and affect the housing market. "It's not like they cut rates and all of a sudden mortgage rates go down exactly in tandem," he explains. "It takes a little while to work through the system." Mecia believes it may take several months before the effects of the rate cut are reflected in home sales data.

    Despite the recent decline, Mecia points out that other metrics suggest an uptick in home sales activity. New listings and pending sales were up 12% last month, indicating a potential increase in demand. However, it will likely be a couple of months before these numbers translate to actual closings.

    In other business news, plans are underway to redevelop the historic Cone Mills property in Pineville into 162 townhomes, commercial space, and community areas. This project is part of a larger trend of mill redevelopment in the Charlotte area, with several mills already being repurposed as apartments or office spaces.

    Finally, an update on the former Harper's restaurant building in SouthPark: it has been demolished to make way for a new Chase Bank location at Fairview and Sharon roads. Mecia notes that despite the rise of mobile banking, many people still prefer face-to-face interactions with their bank representatives, which is driving the demand for traditional bank branches.