Charlotte Area Home Prices up 3.6%
Case-Shiller said its latest report shows a significant slowdown in price increases. Nationwide, home prices rose 6.7 percent in July from the same month a year ago, according to a composite index of 20 cities. That was down from an 8.1 percent annual gain posted in June.
In the Charlotte/Lake Norman region, annual gains have dropped to half of what their rate was at the start of the year.
“While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years,” David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement.
Blitzer said home prices are rising at two to three times the rate of inflation.
The slowdown in appreciation is welcome news to some real estate industry officials who say prices rose too quickly in recent years.