Gains in Charlotte Home Prices may be Cooling
The latest S&P Corelogic Case & Shiller Index was released on Tuesday– an index that tracks values and prices of existing single-family homes on a rolling three-month basis– and revealed more tempered prices in the Charlotte real estate market.
It’s no secret that both the national housing market and local Charlotte-metro market have been booming as of late. There aren’t enough homes for sale to meet the demand from buyers and this is causing home prices to rise steadily month-to-month. Over the last 12 months that national average for home prices has risen 6.2% per month, with Charlotte seeing 6.8% growth this time last year.
Case-Shiller reports that this Summer has been the first three-month stretch where Charlotte-metro prices have stayed under the 6% growth mark: 5.7% to be exact.
What does this mean? This means that the tides of astronomical growth in home prices and low inventory of homes may be turning. Those two things don’t change overnight, however. As reported in the Charlotte Business Journal, President of the Charlotte Regional Realtor Association Jason Gentry says, “I think we need to see a whole lot more inventory to start hitting (the market) before we would be thinking that we’re equalizing the market. We’ve got a long way to go.”
Being below the 6.2% national average is a good sign, though. Sellers are still getting top dollar for their homes in a competitive market, and buyers are feeling that their dream of home ownership is still attainable.
To read the full report on the latest S&P Corelogic Case-Shiller indices, visit the Charlotte Business Journal.