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Charlotte Area's housing prices still strong

The Charlotte region is the only one of 20 urban markets nationwide still showing rising home prices.

Area prices rose 1.5 percent for the 12 months through February, according to the widely followed S&P/Case-Shiller Home Price Index. The index showed prices were down nearly 13 percent for the 20 markets tracked. The hardest hit -- Las Vegas, Miami and Phoenix -- posted declines of more than 20 percent.

February marks the second month in which Charlotte was the only area in positive territory, but its lead has been deteriorating.

The Charlotte market is built around the strong economy. Layoffs at Charlotte's big banks might affect the market I remain optimistic about price appreciation.

Rising foreclosures, tighter lending rules and a struggling economy have slowed sales and depressed home prices nationwide. Charlotte has fared better than many markets because prices didn't surge here during the real estate boom of recent years.

The Case-Shiller index analyzes repeat sales of single-family houses.

Charlotte-area prices slipped slightly during the past three months compared with the first quarter of 2007, according to Market Opportunity Research Enterprises, which tallies real estate closing data from public records. The average sales price of existing, single-family homes dipped less than 1 percent, to $218,159, for the eight-county region that includes Charlotte.

Overall, Charlotte area sales prices for all types of new and existing residences rose 1.65 percent compared with a year earlier. Higher prices for condos and townhouses as well as new single-family homes offset the decline in existing home prices.

Published Monday, May 05, 2008 11:02 AM by Angie Adams NC/SC REALTOR® Broker

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