Charlotte Home Prices up in 2nd Quarter
The latest S&P/Case-Shiller U.S. National Home Price Index shows a
2.9% increase over the 1st Quarter of 2009. Eighteen of the 20 metro
areas saw improvement in their annual returns compared to those of May.
Looking at the monthly data, the same 18 metro areas reported positive
returns in June.
Detroit and Las Vegas are the only 2 major
markets still struggling. These are the only two markets that fell in
June and saw deterioration in their annual rates of return. Since their
relative peaks they have fallen 54.3% and 45.3%, respectively.
Hard
hit areas such as Miami, Los Angeles, Phoenix, San Fransisco, and San
Diego all showed positive gains over the 1st quarter, suggesting the
drop in prices may be ending. The index overall is still down 14.9%
from the same quarter last year.
Locally, Charlotte posted a .7%
gain over the first quarter and .9% overall for the year. According to
the index, Charlotte prices are still down 9.6% from a year ago.
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