- Jen Wilson
- Associate Editor/Online-Charlotte Business Journal
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The latest CoreLogic Home Price Index shows home prices in the Charlotte market, including distressed sales, were up 6.6 percent in May from a year earlier.
Home prices that month were up 2.4 percent from April in the Charlotte-Gastonia-Rock Hill metro area, according to the report released Tuesday by data and analytics firm CoreLogic Inc.
With distressed sales such as short sales and real estate-owned transactions removed from the calculation, the local area’s home prices were up 7 percent from a year ago and up 2.3 percent from the previous month.
At the nationwide level, home prices logged a 27th consecutive month of gains, rising 8.8 percent in May from a year earlier with distressed sales included and 8.1 percent without those transactions, CoreLogic (NYSE:CLGX) says. The national monthly increases were 1.4 percent and 1.2 percent, respectively.
“The pace of home price appreciation is cooling off quickly as the weather warms up,” Mark Fleming, chief economist for the Irvine, Calif.-based firm, said in Tuesday’s report. “May’s 8.8 percent year-over-year growth rate is down almost three percentage points from just three months ago. The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations.”
In the Charlotte market, too, year-over-year growth in home prices has slowed in recent months.
CoreLogic President and CEO Anand Nallathambi noted the continual climb in home prices across the country has mixed implications for the housing market.
“While the rapid rise in prices over the past two years has lifted many homeowners out of negative equity, it has also become a negative factor in buying decisions for prospective purchasers weighing affordability concerns,” Nallathambi said in the report. “As we move ahead, a moderation in home price increases over the next twelve months should help cool things down a bit and keep the housing recovery going.”
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