- 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 6.2 percent in June from a year earlier.
Home prices that month were up 1.4 percent from May 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 6.6 percent from a year ago and up 1.3 percent from the previous month.
But while positive, those figures are less impressive than those posted in May, signaling an ongoing trend of slowing growth in home prices.
At the nationwide level, home prices logged a 28th consecutive month of gains, rising 7.5 percent in June from a year earlier with distressed sales included and 6.9 percent without those transactions, CoreLogic (NYSE:CLGX) says. The national monthly increases were 1.1 percent and 0.9 percent, respectively.
“Home price appreciation continued moderating in June with its slight month-over-month increase,” Mark Fleming, chief economist for the Irvine, Calif.-based firm, said in Tuesday’s report. “This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble.”
CoreLogic President and CEO Anand Nallathambi noted the rise in prices is being fueled by ongoing tight supply, low rates and aggressive investor buying on the coasts.
“The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future,” Nallathambi said in the report.
CoreLogic predicts that growth in home prices will continue to slow in July, with prices including distressed sales climbing by 5.7 percent from a year earlier and by 0.7 percent from June. Excluding distressed sales, prices are expected to rise by 5 percent annually and by 0.6 percent monthly.
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