Rise in Charlotte Home Prices Cooling?
According to the Charlotte Business Journal, while housing inventory in and around Charlotte sits at just two months, the surge in home prices has started to damper a bit in 2018.
CBJ Associate Editor Jenna Martin reports that home prices increased at a pace lower than 6% for the first time in several months. This local figure, coming in at 5.8%, is below the U.S. average increase of 6.2%. Martin sources the latest S&P CoreLogic Case-Shiller index which was released on Tuesday.
Case-Shiller monitors 20 cities nationwide and revealed that the three cities with the highest increase all come from West coast markets. Seattle saw a gain of 12.7%, Las Vegas 10.4%, and San Francisco 9.1%.
Home prices continue to rise each and every month, they just haven’t surged as much in the first month of the year. Experts predict that this uptick in prices will continue on in 2018 as more and more millenials are trending towards home buying.
The construction of single-family homes has slowed a bit but predictions show that demand for homes is not likely to slow any time soon. With an average of only 2 months of inventory available at any given time, a steady supply of homes is critical to a healthy housing market.
Sales rose 5.9% over 2016 and could see numbers close in 7% in 2018.