CoreLogic reports Charlotte single-family home prices rose 4.4 percent in October, compared to the previous year., according to the Charlotte Observer. Nationally, home prices fared even better – rising an annual 6.3 percent in October, the largest yearly gain since July 2006. North Carolina posted a modest 1.8 percent annual increase, while South Carolina, which has been harder hit by foreclosures, saw a 7.1 percent increase in single-family home prices compared to October 2011.
The report follows last week’s release of another indicator, the S&P/Case-Shiller Home Price Index, which showed Charlotte-area home prices rose 3.5 percent annually. Both the Case Shiller index and CoreLogic’s index track repeat sales of the same single-family homes.
Tuesday’s report bolsters other news and a growing belief by industry observers that the housing market is in the midst of a recovery. “We are seeing an ongoing strengthening of the residential housing market,” CoreLogic President and CEO Anand Nallathambi said in a statement. “Reduced inventories and improving buyer demand are contributing to stability and growth in home prices, which is essential to the long term health of the housing market and the broader economy.”
On a monthly basis, Charlotte home prices fell 0.6 percent in October compared to September. Nationally, prices fell 0.2 percent in October from September. The figures are not seasonally adjusted. CoreLogic and local housing experts have attributed the monthly decline to the end of the popular summer home-buying season.
The report also shows the recovery may be broadening as more metropolitan areas are showing improvement. Prices rose in 45 states in October, up from 43 in September. Of the top 100 metro areas covered by the analytics firm, 17 showed year-over-year declines in October, four fewer than in September.
Locally, real estate agents say home prices have been helped by a relatively small number of homes on the market, which can boost sales prices. The Carolina Multiple Listing Services Inc. shows Charlotte-area housing inventory has fallen to a six-month supply, considered a healthy level. Nationally, the National Association of Realtors says the number of available homes is at its lowest level in 10 years. Read More.