As I mentioned last month was August just a bump in the road of rising home prices or a trend that prices are going to start steadily climbing (though slowly). Well after a dismal July, which a lot of experts pointed to as a fallout of the June deadline for the tax credit, August and now September have seen a steady rise in the average home prices nationally.
But the national scale does not help the local market determine what is happening. Parts of the country were hit almost six months or longer than other parts began to feel the dramatic price drop in home prices. So, to be fair let's look at the Charlotte area market.
If we go back through the past twelve months leading up to September 2010 you will notice a trend most people would not think fathomable based on what they hear on the news. In September of 2009 the average price of SOLD homes was : $196,760.00. Since then through February of 2010 the home sale price was like a roller coaster. Some months went up and others went down. However; over the past 12 months February 2010 was the low point for average home prices. That number was $191,288.00.
Since Febraury 2010 home prices in Charlotte area on average have INCREASED every month till September. September was the first month that home prices in the Charlotte area actually decreased. In all markets you are goign to have bumps in the road. Charlotte was never the area that saw home prices jump 30% to 40% overnight as other parts of the country did. The steady incline helped us absorb the fallout better than other areas of the country.
Is the housing market on the road to recovery? Nationally maybe. Charlotte area it is looking like it is. With mortgage rates at historic lows it is no wonder more people are out looking to purchase a home today. That coupled with prices that are still pre-boom times makes the market a strong buyers market right now.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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