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Charlotte home prices rise 7.6% in August

Charlotte-area home prices jumped 7.6 percent in August from a year ago, below the national rate of 12.4 percent, according to a report Tuesday.

Irvine, Calif.-based CoreLogic said it was the 18th month in a row of year-over-year increases in the U.S. and Charlotte.

When sales of distressed homes were excluded, Charlotte home prices were up 9.9 percent, while they rose 11.2 percent nationally.

Across the U.S., home prices have been making large year-over-year gains as they’ve rebounded in the wake of the housing downturn, which sent prices plummeting. In Charlotte, as in other parts of the country, the low inventory of homes for sale is seen as a major contributor to rising home prices.

Many economists don’t expect U.S. home prices to keep appreciating at their current pace, in part because of rising mortgage rates. According to mortgage giant Freddie Mac, the average rate for a 30-year, fixed-rate mortgage was 4.49 percent in September, up from 3.41 percent at the start of the year.

According to CoreLogic, Charlotte home prices were up 0.5 percent from July to August of this year, when distressed sales were included. Excluding distressed sales, they rose 0.7 percent.

The CoreLogic figures are based on home sales in the Charlotte, Gastonia and Rock Hill, S.C., region.

Roberts: 704-358-5248; Twitter: @DeonERoberts
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