New reports point again to a thriving real estate market and strong economy in Charlotte, as well as nationwide.
Home prices across the country continue to steadily rise, and the same is true across metro Charlotte. According to Standard & Poor’s/Case-Shiller US National Home Price Index, home prices have risen by about 5% annually for the last two years and are approaching record highs similar to those seen before the financial crisis. In seven out of 20 major cities, home prices are higher than ever. Charlotte, which is one of those major 20 cities, saw a 5.3% increase in year-over-year gains based on July numbers, which is higher than the national average of 5.1% and puts the Queen City in the middle of the pack of 20 cities.
While the pace of rising home prices will probably not be sustained over the long term, the number of people trying to finance homes has not risen nearly as much as it did before the financial crisis. Thus, according to David Blitzer, Chairman of the Index Committee at S & P Dow Jones Indices, says “there is no reason to fear that another massive collapse is around the corner.” And while mortgage rates have been low, which has helped to fuel home sales, policymakers are expected to raise rates before 2017.
Charlotte’s rising home prices are making for an incredibly strong housing market as well as a thriving economy. With homes more expensive than ever, Charlotte’s most recent priciest home sale was an old Myers Park estate once home to a former Charlotte mayor and real estate developer that sold for $5.7 million at the end of July.
For more details on Charlotte’s rising home prices, check out the full article at bizjournalscom.com.