We are seeing an upward movement of home prices that has been a bit more rapid over the past few months. Low interest rates and the spring season have helped prices stay strong. This past April marked the largest increase between March and April since 2005, according to FNC Residential Price Index (RPI). FNC’s RPI predicted some moderate price increases as the interest rates were falling and credit was becoming more available. This is all great news for sellers as buyers were ready and anxious to buy homes.
Unfortunatley for buyers is that home prices are rising more quickly than either per capita personal income or wages. We may see some stabilization in prices from here on out for a while; especially since we have past the busy spring season. Once that stabilization hits if there is an abundance of inventory we may see some sellers needing to drop list prices. It will be interesting to see how the second half of the year pans out.
Click on graphs below to see price trends for overall MLS are (Charlotte Metro) as well as for the 3 towns; Davidson, Cornelius, Huntersville.
