- Jen Wilson
- Associate Editor/Online-Charlotte Business Journal
- Email | Twitter | Google+
A months-long trend of diminishing gains in home prices across the nation continued in October, with Charlotte market falling back in line after standing out from the crowd in the previous month, according to the latest Standard & Poor's Case-Shiller Home Price Index.
Home prices in the Charlotte metro area were up 2.8 percent in October from a year earlier, the report released Tuesday shows. That's down from a 3.3 percent rise for the year ended in September, but is still higher than the 2.5 percent year-over-year gain reported in August.
Though the widespread trend of slowing annual growth in home prices in cities tracked by the Case-Shiller index is ongoing, this week's report offers an optimistic outlook for the year to come.
"After a long period when home prices rose, but at a slower pace with each passing month, we are seeing hints that prices could end 2014 on a strong note and accelerate into 2015," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in the report. "Two months ago, all 20 cities were experiencing weakening annual price increases. Last month, 18 experienced weakness. This time, 12 cities had weaker annual price growth, but eight saw the pace of price gains pick up."
The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, logged a yearly gain of 4.6 percent in October, compared with a 4.8 percent increase in September.
The index also tracks composites of the nation's top 10 and top 20 markets, with October's report showing year-over-year increases of 4.4 percent and 4.5 percent, respectively — both smaller returns than those posted in the previous month.
On a month-to-month basis, the Charlotte market posted a slight decline of 0.2 percent in October, swinging from an increase of 0.6 percent in September. However, on a seasonally adjusted basis, all 20 cities had higher prices than a month ago, Blitzer noted.
The national index also posted a monthly decline of 0.2 percent in October. Both composites were down 0.1 percent from the previous month.
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