If you’re buying a house, bad news: Home prices in Charlotte are climbing faster than they are nationwide, according to a report Tuesday from the S&P CoreLogic Case-Shiller index.
The increase comes as the supply of housing for sale in Charlotte remains tight and the city’s booming growth continues, with nearly 16,000 new residents in 2016. Nationwide, home prices are also increasing quickly in most large cities, according to the Case-Shiller report, hitting a nearly three-year high.
“While there is some regional variation, prices are rising across the U.S.,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “While prices cannot rise indefinitely, there is no way to tell when rising prices and mortgage rates will force a slowdown in housing.”
Charlotte housing prices rose 6.7 percent in March compared to a year ago, according to the index. That’s well above the nationwide increase of 5.8 percent, and the ninth-highest among the 20 markets tracked by Case-Shiller.
Seattle saw the highest rate of increase, with prices up 12.3 percent in March over last year. Even the smallest gain – New York, with a 4.1 percent increase – was about double the rate of inflation, according to Blitzer.
In April, the Charlotte Regional Realtor Association reported that the average sale price (as opposed to listing price) was $275,491 in Charlotte, up almost 10 percent from April 2016.