[go back to our main site]Charlotte Business Journal, July 26, 2011
Home prices in the Charlotte market
fell 5.1 percent for the year ended in May, according to the Standard & Poor’s/Case-Shiller Home Price Index.
The good news: That’s a slight improvement from the previous month, when home prices here plunged 6.6 percent for the year ended in April. That was the lowest point for Charlotte since 2006, when the home price index began tracking housing markets.
On a month-to-month basis, prices in May rose 0.8 percent from April levels.
The index follows 20 U.S. markets, and 19 showed price declines for the latest 12-month period. Only the Washington, D.C., market showed a gain for the year, with a 1.3 percent increase.
Minneapolis was the weakest market, with prices plummeting 11.7 percent for the year. It was followed by Phoenix and Tampa, Fla., which tied for second place, with a price decrease of 9.5 percent. Detroit ranked fourth, with a price drop of 9.3 percent.
A composite of the 20 cities had a 4.5 percent decline since May 2010.
“We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery,” says David Blitzer, chairman of the index committee at S&P Indices. “Sustained increases in home prices over several months and better annual results need to be seen before we can confirm real estate market recovery.”
Keep in mind: The Case-Shiller report is always two months behind in its numbers.
More recent figures can be found. According to the Charlotte Regional Realtor Association Charlotte Regional Realtor Association Latest from The Business Journals Just waiting on a friendCharlotte-area home sales down year-over-yearCharlotte home prices hit four-year low in April Follow this company , the average Charlotte-area home price in June was $216,399, down 1 percent from June 2010 and an increase of 3.5 percent from May’s average sales price of $209,001.
The association compiles its data from a 10-county area.
