Though some economists predicted that the end of the summer homebuying season would bring about a considerable slowdown in housing purchases and price appreciation, it appears activity held firm in September. After seeing consecutive months of annual improvement throughout the Tar Heel State, the trends resumed their upward trajectory during the last month of the season. If you have been waiting for conditions to improve before making the decision to buy a house in Charlotte, the best time to move forward might be right now, as mortgage rates and property values remain affordable.
Across North Carolina, prices for single-family houses ticked up during September, inching within 6 percent of the peak date recorded in July 2007, according to CoreLogic's latest Home Price Index report. While home prices – including distressed properties – actually dipped 0.14 percent since August, they ticked up substantially on a year-over-year basis by more than 5 percent. These figures act as clear evidence that progress is continuing to be made in the ongoing recovery, albeit a bit slower than in previous months.
President and chief executive officer of CoreLogic, Anand Nallathambi, explained that a similar pattern was observed throughout much of the country, and a slight pause in rising prices is nothing to be worried about in the coming months – as it is helping the residential sector to remain in check.
"U.S. home prices continued their ascent in September," said Nallathambi. "Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks. We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term."
Significant price appreciation seen nationwide
Residents of the Tar Heel State weren't the only ones who saw considerable improvement in their local housing market during the recent month, however.
The residential property information provider announced in its September HPI report that nationwide home prices including distressed sales hiked 12 percent in September compared to the same period the preceding year. A month-over-month increase was also noted, as home prices rose 0.2 percent from August amounts.
"September marked the unofficial five-year anniversary of the start of the housing crisis," said Dr. Mark Fleming, chief economist for CoreLogic. "The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008."
Additional growth expected to be seen in October
In its latest report, the organization outlined its predictions for the month of October, telling that the gains seen in September would likely be observed again. The CoreLogic Pending HPI indicated that last month's home prices are expected to have risen more than 12 percent annually, and 0.1 percent from the month prior.
This information could be beneficial to prospective buyers, as it signifies that the best time to start down the path to homeownership could be right now. Those looking to get started are encouraged to contact the local agency Lodestone Real Estate, as its workforce boasts unbeatable customer service and expert specialized marketing.