Home prices in metro Charlotte, including distressed sales, were up 8% in January from a year earlier, according to CoreLogic, Inc.
The Irving, Calif.-based data firm says month-to-month prices increased 1.1% in January from December for the Charlotte-Gastonia-Rock Hill metro area.
If you remove distressed sales, such as short sales and real estate-owned transactions, from the calculation and January’s figures are stronger, as home prices showed a 9.3% rise. On a month-to-month basis, home prices grew 1.2% with distressed sales removed, according to the report.
U.S. home prices — with distressed-property sales included — jumped 12% year-over-year, CoreLogic says. That marks 23 months of consecutive year-over-year increases in home prices nationally, the report states. The monthly increase in January from December was 0.9%.
With distressed sales excluded, the annual gains in national home prices were weaker, up 9.8% when comparing January 2014 with January 2013. On a monthly basis, home prices were up 0.7% in January from December.
“Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” says Mark Fleming, CoreLogic chief economist. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”
Excluding distressed sales, home prices for all 50 states and Washington, D.C., showed annual price appreciation for January. “Home prices continued to march higher in January, and we expect to see more increases as the market comes out of hibernation for the spring buying season,” says Anand Nallathambi, CoreLogic president and chief executive.
*Excerpts taken from article writte by Susan Stabley and published in the Charlotte Business Journal