Charlotte-area home prices rose 5.8 percent in August from the same month last year, as the region set another record high amid ongoing strong appreciation, according to a report Tuesday.
For another consecutive month, gains in Charlotte also surpassed appreciation across the nation, which posted a 5.3 percent increase, according to the S&P CoreLogic Case-Shiller Indices data. The growth in Charlotte and elsewhere continues a trend of climbing home prices since values plummeted during the housing crisis.
Nationally, home prices are now just 0.1 percent below record highs in 2006, according to Tuesday’s report.
“Supported by continued moderate economic growth, home prices extended recent gains,” David Blitzer, managing director at S&P Dow Jones Indices, said in a statement. He noted that all 20 major U.S. cities tracked by the report posted higher prices in August than the same month last year.
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The report, which is based on repeat sales, shows Charlotte prices are now 4.6 percent higher than their pre-crisis peak in August 2007.
Low supplies of homes for sale have been a factor in sizable price gains in Charlotte and elsewhere, according to industry officials.
Nationwide, the median existing-home price in September increased 5.6 percent from the same month last year – the 55th consecutive month of year-over-year gains, the National Association of Realtors said in a report last week.
The Realtors’ chief economist said U.S. housing inventory has remained “extremely tight” all year at a time when new-home construction continues to be “grossly inadequate in relation to demand.”