Home prices in the Charlotte metro area maintained a healthy increase for the year ending in October, according to Standard & Poor’s Case-Shiller Home Price Index.
Local home prices rose 4.15 percent in October from the same time last year, the latest S&P/Case-Shiller report says. However, the index shows a slight monthly decrease — 0.5 percent — when comparing October to September — which is attributed to seasonal weakness.
Once again, the report shows the Charlotte area residential housing market is continuing a streak of positive returns in pricing. Local home prices bumped up 3.5 percent in September from the same time last year, 2.8 percent in August and 2.2 percent in July.
S&P’s monthly index tracks 20 metro areas as well as composites of the top 10 and top 20 markets.
News on the national market looks strong as well. The report's composite of the top 20 cities showed a 4.3 percent increase for the year ending in October. The top 10 cities posted a 3.4 percent increase. Both composites showed greater gains in October compared to September, which also reported positive annual growth.
The report, released Wednesday, says 18 of the 20 markets tracked improved in October compared to the same time period a year ago. The two cities that showed declines were New York (-1.2 percent ) and Chicago (-1.3 percent).
In Phoenix, where the one-year change for October hit 21.7 percent, home prices have grown for 13 months in a row. San Diego is on a nine-month streak of increases.
“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” stated David Blitzer, chairman of the index committee at S&P Indices, in the report. “Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy.”
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