Drop in Charlotte Housing Prices Slowing

Drop in Charlotte Housing Prices Slowing

December 26, 2011

Housing prices in Charlotte dropped 1.2 percent in the year ending Oct. 31, according to Standard & Poor’s Case-Shiller home price index.

That decrease was better than the larger drops seen at 16 of the 20 major cities tracked in the index, and better than the 3.4 percent average drop for home prices nationally.

Only two markets showed price improvement over that year. Washington home prices were up 1.3 percent. Detroit’s were up 2.5%.

When adjusted for the season, home prices strengthened 0.2% from September. But that was not so good as the 0.3 percent improvement seen from August to September in Charlotte.

But the unadjusted figures showed Charlotte losing ground, with October prices dropping 0.5 percent from September

“There was weakness in the monthly statistics, as 19 of the cities posted price declines in October over September,” says David Blitzer, chairman of the Index Committee at S&P Indices. “Atlanta and the Midwest are regions that really stand out in terms of recent relative weakness. Atlanta was down 5.0% over the month, after having fallen by 5.9% in September. It also has the weakest annual return, down 11.7%.”

There are only three other Southern cities in the index. Prices in Dallas dropped 0.6% over the year. Prices in Miami dropped 4 percent and prices in Tampa dropped 6.1%.

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