Homes for sale in the Charlotte area experienced a sales increase of 4.9 percent in February from a year earlier. The report comes from the Corelogic’s Home Price Index report and includes distressed properties as well. From January to February, an increase in sales prices of 0.3 percent was recorded in the Charlotte-Concord-Gastonia metro areas.
Similarly, at an earlier time last year up until February of this year there has been an increase of up to 6.8% at the national level. Every month includes distressed sales as well, reporting an increase of 1.1 percent from January.
“Home prices continue to rise across the U.S., with every state posting year-over-year gains during the last 12 months” reported Corelogic Chief Executive Anand Nallathambi in a written statement. Nallathambi adds that as the economic condition improves with tight inventory, there will be strong gains in the market especially with homes for sale below $500,000.
For the month of February Charlotte inventory sat at a 2.8-month supply, which equaled a total of 9,935 homes for sale. This is down from February 2015, which saw a 4.3-month supply; however, both numbers sit below the six-month supply range that is considered a balanced market. In the United States in February, there was a 4.4-month supply in comparison to a 4.6-month supply at the same time last year in 2015.
Homeowner’s hesitation with selling their properties is partly due to the fact that they would require more equity to make a down payment for a home upgrade. A lot of home owners also consider converting their homes into rental properties, which lowers the number of properties available in the market.
It is forecasted that between February 2016 and February 2017 there will be an increase of about 5.2 percent in home prices, according to Corelogic.
Here are some states with annual price statistics increasing:
Washington – +12.4%
Colorado – +10.5%
Florida – +10.2 %
Oregon – +9.3%
Nevada – +8.6%
North Carolina – +4.6%
Corelogic’s Home Price Index varies with sale prices on the same homes within a 30 year window, while transaction data is collected. To learn more about the real estate opportunities in Charlotte, check us here or contact us at 704.997.3794.
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