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Charlotte home prices weaken further

Charlotte was one of six markets that hit their lowest levels since home prices started to fall in 2006 and 2007, according to the S & P/Case-Shiller Home Price Indices released Tuesday. That means the average home prices in those markets have fallen below the recent lows seen in most other markets in the spring of 2009.

Home prices in October in the Charlotte metropolitan area dropped 4.2 percent since last year. Home prices were 1.1 percent lower here in October than in September, which also was 1 percent lower than in August.

When comparing those figures with month-to-month home prices in 2009, non-seasonally adjusted statistics show a similar decrease of 1.1 percent in October from September and 1 percent decrease in September from August. Seasonally adjusted numbers show a .4 percent drop in home prices in October from September, and a .5 percent drop in September from August.

Nationally, average home prices are back to the levels where they were in mid-2003 as of October 2010.

“There is no good news in October’s report.  Home prices across the country continue to fall,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

“The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data,” he said.

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