Charlotte-area home prices rose 7.8 percent in June from a year ago, the largest gain in nearly a year and a half, a report released Tuesday showed.
Prices in the region have shown year-over-year increases every month since March 2012, according to data from Irvine, Calif.-based CoreLogic.
Nationally, home prices jumped 11.9 percent in June, for the 16th month in a row of year-over-year gains.
The CoreLogic figures are based on sales of distressed and nondistressed homes.
“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” Mark Fleming, chief economist for CoreLogic, said in a press release. “This trend in home price gains is moving at the fastest pace since 1977.”
On a year-over-year basis, the five states with the highest price appreciation were Nevada, at 26.5 percent; California, 21.4 percent; Wyoming, 16.7 percent; Arizona, 16.2 percent; and Georgia, 14.3 percent. In North Carolina, prices were up 5.1 percent, while the South Carolina increase was 8.2 percent.
Excluding distressed sales, June prices in the Charlotte region increased by 10.8 percent from a year ago. The shrinking inventory of homes up for sale has been blamed for helping boost prices in the area.
CoreLogic said it expects prices to continue rising nationwide. It has predicted a 12.5 percent increase in July over the same month last year.
Roberts: 704-358-5248; Twitter: @DeonERoberts
The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.
Have a news tip? You can send it to a local news editor; email firstname.lastname@example.org to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.Read moreRead less