NC: Charlotte Home Prices Drop to Lowest Level in Four Years

Gay Charlotte Real EstateWhile other major markets around the country had a boost in home prices in April, Charlotte was among six cities posting their lowest levels in four years, according to a report released Tuesday.

The other major markets were fueled by the spring home buying season. Overall, the news from the Standard & Poor’s/Case-Shiller Home Price Index, which tracks repeat sales, reflects cautious optimism about a turnaround for major markets. After dipping to mid-2002 levels in March, average home prices rose to summer 2003 levels in April.

Among the 20 markets the index tracks, prices rose 0.7 percent from March to April. Charlotte, however, was among six major markets – including Chicago, Detroit, Las Vegas, Miami and Tampa – showing new lows in April. In Charlotte, prices dropped 0.3 percent from March and remained down 6.6 percent over the year, the report found.

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