Despite strong demand and limited inventory, April home price growth in Charlotte fell below the national average. Charlotte area home price growthHome prices in the Queen City grew at an
Charlotte Home Price Growth Cools Off In April
Despite strong demand and limited inventory, April home price growth in Charlotte fell below the national average.
Charlotte area home price growth
Home prices in the Queen City grew at an annual rate of 6 percent in April, according to the most recent S&P CoreLogic Case-Shiller index, released Tuesday, June 26. Home price growth for the U.S. reached 6.4% in April, with the 10 and 20 largest metros seeing an average growth rate of 6.2% and 6.6%, respectively.
A month prior, Charlotte's March home price appreciation came in at 6.2 percent, according to Case-Shiller.
"The favorable economy and moderate mortgage rates both support recent gains in housing," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in the report. "One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low."
A recent article from the Charlotte Business Journal notes that inventory is still considered tight in the local market. The latest figures from Carolina Multiple Listing Services, Inc., released earlier in June, showed the Charlotte area had just a 2.2-month supply of homes for sale--which comes to 9,106 homes--by the end of May. That is more than 2,000 fewer homes on the market than at the same time in the previous year, when the local supply was 2.9 months.
How the rest of the nation is looking
Regionally across the nation, housing markets in the West continued to lead in home price growth. Seattle, Las Vegas and San Francisco posted the highest year-over-year increase for the 20 cities tracked in the report, with gains of 13.1%, 12.7% and 10.9%, respectively.
"Looking back to the peak of the boom in 2006, 10 of the 20 cities tracked by the indices are higher than their peaks; the other ten are below their high points," said Blitzer in the press release. "The National Index is also above its previous all-time high, the 20-city index slightly up versus its peak, and the 10-city is a bit below. However, if one adjusts the price movements for inflation since 2006, a very different picture emerges. Only three cities--Dallas, Denver and Seattle--are ahead in real, or inflation-adjusted terms."
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