Friday, December 5, 2014

Charlotte among fastest-growing big cities in U.S., new Census info shows - Charlotte Business Journal

Charlotte among fastest-growing big cities in U.S., new Census info shows - Charlotte Business Journal




Associate Editor/Online-Charlotte Business Journal
Email  |  Twitter  |  Google+
It should come as no surprise to those who've seen the influx of people and businesses in Charlotte in the past decade, even during the down years. The Queen City ranks No. 2 among the fastest-growing big cities in the United States, according to data released Thursday by the U.S. Census Bureau.
The new data, from the 2013 five-year American Community Survey, shows Charlotte with an estimated population of 757,278. That's a 40 percent increase over the city's population of 540,828 recorded during the 2000 census.
Big cities are defined as those that had populations of more than 500,000 at the time of the 2000 census. In that category, Fort Worth, Texas, ranks as the fastest-growing, with a 42.3 percent rise in population. Following second-place Charlotte are three more Texas cities: Austin, with 27.5 percent growth; San Antonio, 18.7 percent; and El Paso, 17.2 percent.
On a percentage basis, Raleigh continues to outpace Charlotte, topping the growth charts for midsized and larger cities — those with more than 250,000 residents in 2000 — with a 50.1 percent increase in population. The number of residents in Raleigh totaled an estimated 414,530 in 2013, up from 276,093.
No other North Carolina cities fall into those categories, though Greensboro would fit with the midsized-and-larger group if it were based on the latest estimates — since the 2000 census, that city has grown to a population of 273,228.
Here's a look at how some of the state's bigger metro areas have fared:
  • Winston-Salem, 25 percent growth since the turn of the century.
  • Durham, 25.6 percent.
  • Greensboro, 22 percent.
  • Wilmington, 43.1 percent.
  • Asheville, 23.2 percent.
In the Charlotte region, the swelling number of residents has not been limited to the city's limits. A number of smaller towns in the area have experienced major population booms as well:
  • Indian Trail ranks No. 14 on the overall list with a whopping 186.8 percent population increase.
  • Cornelius has seen its population grow 113.7 percent since 2000.
  • Huntersville experienced a 92.4 percent increase.
  • Mooresville has grown by 79.6 percent.
  • Mint Hill's population expanded by 56.7 percent.
  • And Concord saw growth of 44.2 percent.

Tuesday, November 25, 2014

Case-Shiller index: Charlotte bucks trend of widespread slowdown in home-price gains - Charlotte Business Journal

Case-Shiller index: Charlotte bucks trend of widespread slowdown in home-price gains - Charlotte Business Journal




Associate Editor/Online-Charlotte Business Journal
Email  |  Twitter  |  Google+
Bucking a nationwide trend of diminishing gains in home prices, Charlotte was one of only two cities tracked by a prominent monthly index to post larger annual gains in September than in August.
Home prices in the Charlotte metro were up 3.3 percent in September from a year earlier, according to the latest Standard & Poor's Case-Shiller Home Price Index. That follows a 2.5 percent rise for the year ended in August, but still falls short of the 3.6 percent year-over-year gain reported in July.
Of the 20 major U.S. metros tracked by the Case-Shiller index, Dallas was the only other city to see an acceleration in home-price increases in September.
On a month-to-month basis, the Charlotte market posted an increase of 0.6 percent in September, swinging from a slight decline of 0.1 percent in August from July's levels. The local market also stood out by that measure, joining Miami in having the strongest monthly gains among the cities tracked.
"The overall trend in home price increases continues to slow down," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in the report released Tuesday. "The National Index reported a month-over-month decrease for the first time since November 2013. ... The only region showing any sustained strength is the Southeast led by Florida; price gains are also evident in Atlanta and Charlotte."
The S&P/Case-Shiller U.S. National Home Price Index logged a yearly gain of 4.8 percent in September, compared with a 5.1 percent annual gain in August. And on a monthly basis, the national index posted a decline of 0.1 percent in September.
The index also tracks composites of the nation's top 10 and top 20 markets, with the latest report showing year-over-year increases of 4.8 percent and 4.9 percent, respectively. Both composites were flat in September from the previous month.
However, Bitzer points to other measures as evidence that things are looking up for next year: "Other housing statistics paint a mixed to slightly positive picture," he said in the report. "Housing starts held above 1 million at annual rates on gains in single-family homes, sales of existing homes are gaining, builders' sentiment is improving, foreclosures continue to be worked off and mortgage default rates are at pre-crisis levels. With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better."
As of September, nationwide home prices were on par with fall 2004 levels, according to the Case-Shiller report.

Monday, November 10, 2014

Charlotte-area home sales increase 13.3% in October | CharlotteObserver.com

Charlotte-area home sales increase 13.3% in October | CharlotteObserver.com



Charlotte-area home sales rose 13.3 percent in October from the same month last year, as declining supplies of properties on the market showed no signs of letting up.
There were 3,210 closings posted in the month, an increase of 378 from October of last year, according to an existing-home report released Monday from the Charlotte Regional Realtor Association.
The association said sales this year are on track to outpace last year’s. Sales so far this year are up nearly 4 percent compared with the same period last year.
The improvement comes as sales of existing homes nationwide are strengthening after a slow start to the year. On Friday, the chief economist for the National Association of Realtors said home sales are showing stronger growth thanks to pent-up demand, slower gains in prices and increases in inventory.
Inventory is still tight in the Charlotte region, which is contributing to rising prices. The amount of homes for sale fell to a 4.8-month supply in October, the second-lowest level all year behind January’s 4.7 months.
A widely accepted definition of a balanced market is one with a six-month supply. Charlotte has remained below that level since November 2012.
Joe Rempson, president of the Charlotte Regional Realtor Association, said demand for homes in the Charlotte area has persisted throughout 2014.
“However, inventory continues to be a challenge, and buyers may face limited choices since inventory generally falls as we enter the holidays,” he said.
Sales fell 1.3 percent compared to September.
The average sales price in October rose to $228,080, an increase of 8.5 percent from a year ago.
The Realtors report is based on activity in a roughly 18-county region. It generally does not include sales of new homes.

Read more here: http://www.charlotteobserver.com/2014/11/10/5305286/charlotte-area-home-sales-increase.html#storylink=cpy

Tuesday, October 28, 2014

Charlotte-area home prices rise 2.5% | CharlotteObserver.com

Charlotte-area home prices rise 2.5% | CharlotteObserver.com



Charlotte-area home prices rose 2.5 percent in August from a year ago as annual appreciation nationwide continues to slow down, according to Standard & Poor’s/Case-Shiller data released Tuesday.
Nationwide, prices increased 5.6 percent from a year ago, according to a composite index of 20 cities.
Home prices continue to rise in Charlotte and nationwide but at a declining pace. In July, for example, prices in the Charlotte region were up 3.6 percent from the same month last year. Nationally, prices were up 6.7 in July from a year ago.
“The deceleration in home prices continues,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Blitzer said low interest rates and slower increases in home prices should help the U.S. housing market improve.

Read more here: http://www.charlotteobserver.com/2014/10/28/5272439/charlotte-area-home-prices-rise.html#storylink=cpy

Thursday, October 23, 2014

Panel: Stronger growth ahead for Charlotte, national economy | CharlotteObserver.com

Panel: Stronger growth ahead for Charlotte, national economy | CharlotteObserver.com



Growth in the national economy should accelerate in the months ahead, a panel of commercial real estate experts said Thursday, and Charlotte, Raleigh and other Sun Belt cities stand to grow even faster.
That was the prognosis from a panel of regional and national officials from JLL (Jones Lang LaSalle), a global commercial real estate firm with operations across the U.S. and in 75 countries. They gathered at the Mint Museum to talk about trends and forecasts in commercial real estate across the globe and the Carolinas.
Despite recent fears over the Ebola virus outbreak and instability in European financial markets, the panel offered a bullish assessment of the U.S. economy. Colin Dyer, JLL’s Washington, D.C.-based global president and CEO, said America’s post-recession recovery has spread through a broad range of industry sectors, with corporations posting quarter after quarter of strong growth while stockpiling record amounts of cash.
The recovery, he said, “is stronger than most people came to believe,” he said. “Generally speaking, there’s good growth everywhere.”
It’s even stronger Charlotte, Raleigh-Durham, Charleston and other Sun Belt cities than nationally, added John Sikaitis, managing director of JLL’s Washington, D.C.-based research unit that studies office space trends and tracks more than 50 U.S. markets where the firm operates.
He said U.S. economic growth should be about 3 percent over the next two years. Growth in Charlotte and other Carolinas cities, fueled by strong population increases, should be about 4 percent to 4.5 percent.
“There are a lot of different super-regions that are growing a lot faster than the U.S. as a whole,” he said. “Texas and Denver are at the top of the list, but the one that’s been coming up from behind the pack, and could be in front of the pack in the next 24 months is really the Sun Belt, and the Carolinas is part of that.”
That growth will be particularly strong in urban areas, he added, since the growing wave of young millennial workers prefer urban settings where workplaces, recreation and shopping sit in close proximity.
That means in Charlotte’s central business district, he said, but also SouthPark and Ballantyne, areas traditionally thought of as suburban. He said they retain strong appeal for young workers because they manage to keep work, retail and recreational opportunities close together, despite being outside the city’s urban core.
“We’re seeing sub-markets like that outperform (the broader market) from a demand standpoint, from a pricing standpoint, from an investor demand standpoint,” he said.
People don’t want to be in isolated office park buildings “with a deli downstairs” and a highway as their only connection to other activities.
“I’m not against the suburbs,” he said, but “that’s just not how we’re thinking today.”

Read more here: http://www.charlotteobserver.com/2014/10/23/5261724/panel-stronger-growth-ahead-for.html#storylink=cpy

Tuesday, October 21, 2014

Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal

Existing home sales rise in September, says National Association of Realtors, as mortgage interest rates remain low - Charlotte Business Journal




Washington Bureau Chief
Email  |  Twitter  |  Google
Sales of existing homes rebounded in September, hitting their highest annual pace this year: 5.17 million.
That's up from 5.05 million in August,according to the National Association of Realtors. The bad news is that sales are still below last year's pace.
The numbers include completed sales for single-family houses, townhomes, condominiums and co-ops.
September's increase can be attributed to "low interest rates and price gains holding steady," said NAR Chief EconomistLawrence Yun.
"Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter," he said.
The median home price was $209,700 in September, up 5.6 percent from a year earlier.
Mortgage rates increased slightly in September, but Yun thinks stock market volatility "is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now," Yun said.

Friday, October 10, 2014

Charlotte-area home sales increase 15% in September | CharlotteObserver.com

Charlotte-area home sales increase 15% in September | CharlotteObserver.com



Charlotte-area home sales increase 15% in September

GGJ35Q8IC.5
- CHARLOTTE REGIONAL REALTOR ASSOCIATION
Joe Rempson, president of the Charlotte Regional Realtor Association, said the year-over-year rise in Charlotte-area home sales bucks a national trend. But more new homes are needed in the region to meet growing demand from people moving to Charlotte for jobs, he said.
Charlotte-area home sales rose 15 percent in September from the same month last year while the supply of properties for sale shrank again – a combination that continues to give sellers an edge over buyers.
The region had 3,253 closings in September, which recorded the largest year-over-year percentage rate increase for any month this year, according to a report on existing-home sales released Thursday by the Charlotte Regional Realtor Association.
In a trend that continues, sales and prices are rising while supplies are declining, giving buyers fewer options.
According to the report, inventory fell to a 5-month supply, down from a 5.2-month supply in August. A widely accepted definition of a balanced housing market is one with a six-month inventory. Charlotte has been below that level since November 2012.
Supplies in the Charlotte region have now fallen for three months in a row. Tight supplies have been seen as a key factor in large annual price gains in Charlotte and elsewhere, as buyers waging bidding wars push up prices.
Last month, the average sales price in the region was $228,085, up 3 percent from a year ago. Annual price gains in the Charlotte region have cooled off from double-digit gains, recorded as recently as January, as appreciation nationwide has also slowed.
Joe Rempson, president of the Realtor association, said in an interview that more new homes are needed in the region to meet growing demand from people moving to Charlotte for jobs. But in the wake of the housing bubble bursting, some home builders continue to face challenges getting financing to build new homes, he said.
“The new-housing market’s coming alive, but we’ve got to have more and more inventory with the amount of people moving into the area,” he said.
September’s closings were down 11 percent from August. That decline is not all that surprising, as the housing market tends to slow in the second half of the year.
The Realtors report is based on activity in a roughly 18-county region. It generally does not include sales of new homes.

Read more here: http://www.charlotteobserver.com/2014/10/09/5230219/charlotte-area-home-sales-increase.html#storylink=cpy