Great news for Charlotte!
According to the recently released S&P/Case-Shiller Home Price Indices, with the exception of Charlotte and Tampa, home price growth in May has continued to decline. The data revealed housing prices posted declines of 0.3% since April.
“Home prices rose at their slowest pace since February of last year,” said David Blitzer, chairman of the Index Committee. “The 10- and 20-City Composites posted just over 9%, well below expectations. Month-to-month, all cities are posting gains before seasonal adjustment; after seasonal adjustment 14 of 20 were lower.”
Within 14 of 20 U.S. metropolitan areas, property prices in May fell from a month earlier after adjusting for seasonal variations.
“Nationally, today’s Case-Shiller data is consistent with the slow glide-path down towards a more normal housing market we’ve been experiencing for the past few months. But the national numbers are masking a lot of variation from city-to-city: Cleveland, for example, is performing a lot differently than the Bay Area,” said Zillow Chief Economist Stan Humphries. “And even within local markets, the entire housing stock is not performing the same. Almost across the board, lower-priced homes have been appreciating more quickly than the most expensive homes, a welcome reversal from prior years. This is driven by higher affordability at the bottom tier, which boosts demand; and much higher negative equity rates at the lower end of the market, which keeps supply tight. These conditions are typical of a housing market recovery in which every layer of the onion we peel off reveals something different.”
Charlotte showed its strongest monthly gain of 1.4%. Charlotte was the only MSA to see its annual rate improve; it showed 4.7% year-over-year in May as opposed to 4.5% in April.
For assistance with all of your real estate needs, contact The Wilson Realty Group in Charlotte by phone: (704) 251-9741 or by email: Info@WilsonRealtyGroupNC.com