Good news for Charlotte real estate

Thursday, May 22, 2008 - 2:45 PM EDT

Charlotte-area home prices up 6.2% for year

Charlotte Business Journal

Housing prices in the Charlotte-Gastonia-Concord market rose 6.16 percent in the 12 months that ended March 31, according to federal data.

The figure comes from the Office of Federal Housing Enterprise Oversight, the group that oversees the government-backed mortgage buyers Fannie Mae and Freddie Mac. Across the country, OFHEO says, prices were flat in the 12-month period.

Charlotte-Gastonia-Concord ranked No. 14 among metropolitan areas with the highest rates of appreciation. Hickory-Lenoir-Morganton ranked 10th, with a 6.41 increase.

But the increases come at a time when sales are dropping.

The number of houses sold in the Charlotte area fell 32.1 percent last month from April 2007, and the average closing price declined 1.9 percent, according to the Charlotte Regional Realtor Association.

The number of closings dropped to 2,400 last month from 3,534 in April 2007. The average sales price dipped to $221,497 from $225,748 a year earlier.

Houses that sold last month were on the market for an average of 133 days.

The Realtor association statistics cover a mix of new and existing homes in Mecklenburg, Union, Iredell, Lincoln, Cabarrus, Gaston and Stanly counties.

OFHEO's figures reflect mortgages that qualify to get bought by Fannie Mae or Freddie Mac. That excludes most subprime mortgages to borrowers with poor credit -- by far the worst part of the market. OFHEO's numbers also include refinancings and home appraisals.