Home prices in metro Charlotte surged 7.3 percent in March from the same time last year, according to Standard & Poor’s Case-Shiller Home Price Index.
The S&P/Case-Shiller index — which tracks 20 metro areas as well as composites of the top 10 and top 20 markets — on Tuesday reported double-digit annual increases for both composites.
The top 20 cities showed a 10.9 percent increase year-over-year for March. The top 10 cities posted 10.3 percent growth, the report states. All 20 cities reported year-over-year growth, the index shows.
“Home prices continued to climb,” David Blitzer, chairman of the index committee at S&P Indices, states in the report. “Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth.”
Case-Shiller's national index, with a 10.2 percent increase, and the 10- and 20-city composites posted their highest annual returns since 2006, Blitzer stated.
Charlotte shone as a superstar, along with four other metropolitan areas, which recorded their largest month-over-month gains in over seven years, the report states. The other markets were Tampa, Fla.; Los Angeles; Portland, Ore.; and Seattle.
Home prices in Charlotte rose 2.4 percent in March from February, the report says. And that’s better than the rest of the country. Nationwide, the 10- and 20-city composites both increased 1.4 percent. The monthly increase for the national index was 1.2 percent.
Case-Shiller has reported annual increases for the Charlotte area for several months in a row. February’s metro home prices were up 6.2 percent from the same time last year, according to the index.The metro area also saw an annual 6 percent jump in home prices in January, a 5.3 percent hike in December and a 5.1 percent rise in November.
Other items of note in the index:
• Phoenix — again — boasted the largest annual increase at 22.5 percent. It was followed closely by San Francisco with a 22.2 percent gain and Las Vegas with a 20.6 percent surge.
• New York (2.6 percent), Cleveland (4.8 percent) and Boston (6.7 percent) has the weakest annual price gains. However, “even these numbers are quite substantial,” Blitzer noted.
•San Francisco recorded the highest month-over-month return, with a 3.9 percent rise in March from February.
“Other housing market data reported in recent weeks confirm these strong trends: housing starts and permits, sales of new home and existing homes continue to trend higher,” Blitzer said. “At the same time, the larger than usual share of multi-family housing, a large number of homes still in some stage of foreclosure and buying-to-rent by investors suggest that the housing recovery is not complete.”
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