Charlotte home prices rise for 1st time in two years

By Stella M. Hopkins
shopkins@charlotteobserver.com
Posted: Thursday, Dec. 10, 2009

Charlotte-area home prices in November inched up for the first time in two years and home sales jumped again.


The average sales price last month of $195,244 marks a gain of slightly more than 1 percent from November 2008, according to results released this morning by the Charlotte Regional Realtor Association.


That was the first yearly price gain since November 2007 for transactions through the association's Carolina Multiple Listing Services. The past year has seen several months of double-digit price declines.


For the year, the average price is a little ahead of 2004 levels, meaning that people who have been in their homes for several years are probably still sitting on gains.


MLS sales in November rose a hefty 31 percent compared with a year ago as people rushed to take advantage of the first time homebuyers tax credit that had been set to expire last month. Congress, under heavy pressure from the housing industry, extended and expanded the credit. The November gain is even bigger than October's year-to-year jump of almost 20 percent, the first increase in more than two years.


MLS deals account for nearly all transactions in the Charlotte area.


The big gains come on comparison to an extremely weak market last fall, when the nation's financial system cratered. In Charlotte, that brought the loss of Wachovia's headquarters and mounting worries about job losses. Home sales plummeted in October 2008 and continued to sink through the winter.


Despite the jump, the 2,000 houses, townhouses and condos sold last month in the area represents a sales level below that of 2003.

Charlotte-area home sales take off

By Stella M. Hopkins

Fueled in part by a hefty tax credit, Charlotte-area home sales jumped nearly 20 percent last month, the first gain in more than two years.

There were 2,210 houses, townhouses and condos sold last month through the Carolina Multiple Listing Services. That compares with 1,848 in October 2008, when the economy took a nosedive.

The hefty increase marks the first time since February 2007 that sales rose on an annual basis. That's the most robust signal yet of the industry's recovery but still leaves sales below the 2003 level.

The first time homebuyer's tax credit, just extended and expanded to existing homeowners, is likely to continue propelling sales.

As evidence of the Charlotte market's staying power, MLS pending sales were up one-third compared with a year ago, according to data recently released by the Charlotte Regional Realtor Association. That's the second month in a row of increases. Those sales represent signed contracts that haven't yet closed and are an important barometer.

Sales prices continued a downward trend, falling 9.5 percent from a year ago, to an average of $196,204. Foreclosures and other distressed sales are weighing on prices.

MLS transactions account for the bulk of area sales.

Local home prices rise, best among 20 markets

Charlotte Oberver Staff Report

Posted: Tuesday, May. 26, 2009

Charlotte-area home prices showed a slight monthly gain in March, the first uptick since last summer, according to a widely watched index released today.

Sales prices rose .3 percent compared with February results from the S&P/Case-Shiller Home Price Index. That was the best monthly performance among the 20 urban markets measured by the index and another milestone that could signal the region's housing market has reached a bottom.

Charlotte-area sales prices remain down compared with March 2008, marking a full year of declining prices. But at 9.3 percent, the yearly decline also showed a tiny improvement over February's reading.

Comparisons to a year earlier are important because they compare similar periods and reduce the impact of seasonal effects, such as the typical rebound of home sales during the spring.

Still, monthly results can signal a trend. The Charlotte market started a string of monthly declines in July and peaked at a loss of 2.6 percent in December's index. The index is especially meaningful because it measures repeat sales of existing houses.

Nationwide, the index recorded a 19.1 percent decline for the first quarter, compared with the first three months of 2008. That was the sharpest drop in its 21-year history.

However, March was the second consecutive month since October 2007 in which the index for the 20 markets did not post a record annual decline.

With its 9.3 percent yearly decline, the Charlotte area remained in fifth place in March, behind smaller annual declines in Denver, Dallas, Boston and Cleveland. Those are the only five regions in which annual declines are under 10 percent.

Denver posted a .1 percent monthly increase and Dallas home prices remained flat in March.

Phoenix remains the hardest market in the index, with a decline of 36 percent compared with March 2008.

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Lunch, sponsored by CP Morgan and DR Horton, will be available on the trade-show floor, 11:45 a.m.-12:45 p.m. Next, head upstairs to the main ballroom to attend the keynote session with Alison Levine. Levine will speak at 1 p.m., and those who attend are in for an amazing treat! We are thrilled to welcome Levine to Charlotte to share her stories and leave us with great insight on how to ride out life's storms. You must register separately for this session (see below). For more information on Alison Levine, click here.

A closing reception, sponsored by The Palisades and The Coves, will begin at 3 p.m. Don't miss out. Register today for this free member event!

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Concord: Cruisin' for a Bruton?

So the City of Concord has laid down with the dogs and is now itching it's fleas! Concord said NO to a dragstrip that Bruton Smith, owner of Lowes Motor Speedway in Concord, started to build across the street from LMS. Now Bruton has said he doesn't need Concord and is entertaining the idea of removing the speedway from Concord. This would cost the City of Concord millions in tax dollars and a crushed dream of becoming the epicenter of the motorsports world. But what is this all about anyway? Will Bruton really move? Is it a bluff just to get more tax incentives out of Concord? Is Bruton just a billionaire Diva with no more loyalty then Paris Hilton's dog? Will he really risk becoming the most hated man in motorsports by turning his back on the home of racing in order to flip a few (million) bucks? Is Concord sucking up to Bruton just making you squint your eyes and grit your teeth with rage? Should Concord call on the Franz Family (the Royal Family of NASCAR) for help? Is NASCAR dead? Has it become so big that it's roots have been kicked out of the track because you can't through chicken bones or 24oz cans of Budweiser anymore? Do you care? Do I care? I don't even know anymore. Let's hear it!