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CHARLOTTE -- The Charlotte Regional Realtor Association reports the number of closings for July decreased more than 11 percent compared to July 2009. Pending contracts were even worse, down 23 percent from last year.

Anne Marie Howard, CEO of the Charlotte Regional Realtor Association says the job market has to improve to help stimulate the housing market.

"Job growth really leads to the consumer confidence and the willingness to actually make major purchases, so the low interest rate is really something that then make it even more attractive for somebody to make a purchase," she said.

However, there is some good news.

The average sales price of $216,000 was up two percent over last year. On top of that, the Federal Reserve says it wants to keep interest rates at or near the current record low.