Charlotte’s home values rose slightly in December, though the area’s price growth is still slower than the U.S. average.
The Standard & Poor’s/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that values in the Charlotte metropolitan area grew 3.5 percent in December compared with the previousyear . That’s up from 3.3 percent in November.
Nationally, home prices rose 4.5 percent in December, up from 4.3 percent in November and the same as October’s annual increase, according to S&P/Case-Shiller’s 20-city home price index.
A smaller inventory of homes for sale nationwide pushes up prices and makes ownership less attainable for many would-be buyers. The report showed that prices nationwide rose in 2014 at more than twice the rate of inflation and faster than most Americans’ wages, even as the labor market improves.
“The housing recovery is faltering. While prices and sales of existing homes are close to normal, construction and new home sales remain weak,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, in a statement.
The report showed that the fastest year-over-year gains were in San Francisco and Miami, where prices rose 9.3 percent and 8.4 percent respectively, over the past year.
The Case-Shiller index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The December figures are the latest available.
The Associated Press contributed.