- Jen Wilson
- Associate Editor/Online-Charlotte Business Journal
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The Charlotte market stood out as an exception to slowing growth in home prices in May, according to the latest Standard & Poor’s Case-Shiller Home Price Index.
In its index released Tuesday morning,Case-Shiller reports a 1.4 percent rise in local home prices in May from April, noting that marks the area's largest monthly gain in more than a year.
And the Charlotte metro area posted an increase in home prices of 4.7 percent from May 2013, an acceleration from the 4.5 percent year-over-year rise posted in April, according to the report.
The Queen City stood alone in that regard, as 18 of the other 19 major metros tracked by the index saw annual growth in home prices decelerate in May, while Tampa, Fla., saw the rate of its gains hold steady.
"Housing has been turning in mixed economic numbers in the last few months," says David Blitzer, chairman of the index committee at S&P Dow Jones Indices. "Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains."
The index tracks composites of the top 10 and top 20 U.S. markets. Those composites showed increases of 9.4 percent and 9.3 percent, respectively, in May from the previous year, compared with respective over-the-year gains of 10.9 percent and 10.8 percent in April.
Case-Shiller notes that each of the cities on its index continue to post positive year-over-year returns. Nationwide average home prices are at summer 2004 levels, the report says, though they remain roughly 17 to 18 percent lower than the peak levels recorded in June and July of 2006.
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