For the past several months, those looking to sell a house in Charlotte were able to benefit from repeated increases in buyer interest and continual rises in home prices. Numerous properties that were sold during the summer months were bought for amounts well above their year-ago values, and as mortgage rates remained below their historical norms, many individuals decided to pursue the path to homeownership.
Now, those that did finalize a recent housing purchase in the Queen City are probably already in a better financial situation, as home prices continued to tick up during the last full month of the season.
In August, homes transacted in Charlotte were sold for amounts that were higher than both the preceding month and prior year, according to data in the latest S&P/Case-Shiller Home Price Index released by S&P Dow Jones Indices. Compared to July, the recent month's home prices rose 1 percent. In comparison to August 2012, an increase of more than 7 percent was apparent.
David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said the Queen City housing market is close to returning to its peak level, as current real estate prices are only about 9 percent away from setting new highs. And, with residential construction projects underway in many of the metropolitan area's best neighborhoods, future sales could see the historical peak surpassed.
In the Charlotte area, home prices have been increasing on a year-over-year basis since March 2012, the Charlotte Observer reported. Although residential building professionals have stepped up efforts to provide new homes and expand the area's inventory, the tight supply has spurred multiple bidding wars, which are likely reason home prices have continued to trend upward.
Residential prices have increased for properties across country
The Queen City isn't the only area included in the S&P/Case-Shiller HPI that sustained substantial price hikes, however. According to the report, both the 10- and 20-City composites ticked up more than 1 percent month-over-month and nearly 13 percent annually.
"Both Composites showed their highest annual increases since February 2006," said Blitzer. "All 20 cities reported positive year-over-year returns. Since [last April] home prices continued to rise, but at a slower pace each month."
As of August, average home prices across the U.S. returned back to the levels they were observed at in mid-2004, the organization noted in its latest HPI.
Individuals looking to sell or buy a house in Charlotte can benefit by enlisting the help of one of the professional agents at Lodestone Real Estate. This locally-based agency has helped hundreds of its clients successfully navigate housing transactions and move into their dream homes.