Charlotte-area home prices rose 3.8 percent in June from the same month last year, as appreciation continues to slow nationwide, according to the Standard & Poor’s/Case-Shiller report.
Prices nationwide rose 8.1 percent over the same period in a composite index of 20 cities, the report shows. Every city posted a slowdown in price gains on a year-over-year basis.
“Home price gains continue to ease as they have since last fall,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
“For the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators – starts, existing home sales and builders’ sentiment – are positive. Taken together, these point to a more normal housing sector.”
Even as home prices continue to rise, they remain below peak levels hit before the housing downturn.
As of June, average home prices across the U.S. had returned to fall 2004 levels but were about 17 percent below summer of 2006 peaks.
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