Home prices rise in Charlotte during November
For the first time since 2007, home prices in the greater Charlotte area have increased. Number of homes sold also jumped again.
The Charlotte Regional Realtor Association reported that the average home sales price was $195,244 in November 2009, a gain of more than 1% from November 2008. This gain marked the first annual price gain for the area since November 2007. The average home sales price is also greater than the average price of home sales occuring in 2004, which means people who have owned their homes for this amount of time or longer are likely able to realize a profit if they should decide to sell right now.
In other good news, number of sales transactions in the Charlotte area rose 31% compared to November 2008. The extreme rise in sales is due in part to the 1st time homebuyer tax credit, which was set to expire at the end of November 2009. Congress has since extended the tax credit into 2010. October 2009 also experienced a jump in Charlotte-area home sales of almost 20%.