Home prices for the Charlotte area, including distressed sales, increased 5.1 percent in February compared with the same time last year, according toCoreLogic Inc.’s index report released today.
The Charlotte-Gastonia-Rock Hill metropolitan statistical area showed a slight improvement of 0.4 percent in home prices in February compared to January’s figures.
Those figures become stronger when removing distressed sales, which include short sales and real-estate owned transactions. Year-over-year figures for home prices in the region were up 8.3 percent in February, and 2.5 percent when comparing on a monthly basis with January, the report says.
CoreLogic’s latest Home Price Index report says national home prices with distressed-property sales included improved year-over-year by 10.2 percent in February, representing the largest annual increase since March 2006.
This marks 12 months in a row of monthly increases in home prices nationwide.
U.S. home prices crept up 0.5 percent in February from January, says the Irvine, Calif.-based data firm (NYSE: CLGX). Take out the distressed sales and home prices rose 10.1 percent when comparing February 2013 to February 2012, and 1.5 percent month over month.
"The rebound in prices is heavily driven by western states," says Mark Fleming, CoreLogic chief economist, in the report. "Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list."
CoreLogic President and Chief Executive Anand Nallathambi adds: "Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals. Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market."
A few other highlights from the report:
•Nevada (19.3 percent), Arizona (18.6 percent), California(15.3 percent), Hawaii (14.6 percent) and Idaho (13.5) reported the highest single-family home appreciation including distressed sales in February.
•North Carolina only saw a 2.6 percent in single-family home appreciation including distressed sales in February, ranking it No. 40 among U.S. states. Excluding distressed sales, the state saw 4.8 percent appreciation.
•South Carolina placed No. 13 for single-family home appreciation with a 9 percent increase for sales with distressed properties, and 11.5 percent without.
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