Business

Area home prices tumble, and sales take a fall as well

The average price of Charlotte-area homes sold in September tumbled nearly 9 percent compared with September 2007. That was almost double the previous month's loss and was the largest drop in nearly a year of declines. The average price of $214,927 is the lowest since March 2006 for sales through the Carolina Multiple Listing Services.

Sales also skidded lower, marking the 16th consecutive month of double-digit declines. The Charlotte market held up longer than many.

Dot Munson, an industry veteran and president of the Charlotte Regional Realtors Association, said an increase in foreclosed properties listed for sale probably contributed to lower sales prices. Foreclosures, typically sold at deep discounts, also depress the value of surrounding properties. Mecklenburg County leads the state in foreclosure activity.

Stella M. Hopkins

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