- Jen Wilson
- Associate Editor/Online-Charlotte Business Journal
- Email | Google+
Home prices in the Charlotte area jumped 8.8 percent in October from the same month a year earlier, according to Standard & Poor’s Case-Shiller Home Price Index released today.
It's the largest annual increase for the local market since the inception of the Charlotte index in 1987, according to the report.
The Charlotte Regional Realtors Association reported similar positive returns in the 10-county area that organization covers in its market report for October.
However, Charlotte's surge still fell just short of national figures for October, according to Case-Shiller. The index tracks composites of the top 10 and top 20 U.S. markets, and both showed a 13.6 percent year-over-year increase in October.
On a monthly basis, Charlotte resumed its steady rise in home prices following a slight dip in September, posting a 0.6 percent gain from that month to October.
Both composites showed a 0.2 percent month-over-month gain in October.
“Both Composites’ annual returns have been in double-digit territory since March 2013 and increasing; now up 13.6% in the year ending in October," notes David Blitzer, chairman of the index committee at S&P Indices, in the latest report. "However, monthly numbers show we are living on borrowed time and the boom is fading."
Blitzer says housing data paint a mixed picture that suggests peak gains in home prices might be near, but that other economic data point to somewhat faster growth in the new year.
"Most forecasts for home prices point to single digit growth in 2014," he says.
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