Charlotte home prices fall 4.8 percent

Home prices in the Charlotte metropolitan area fell 4.8 percent in January from the same month a year ago, according to the Standard & Poor’s Case-Shiller Home Price Index released today.

The area’s home prices were down 1.1 percent from December to January.

Charlotte is not alone. Home prices fell over the year in 18 of 20 metro areas tracked by the report.

Phoenix saw the largest decline over the year, with a drop of 9.1 percent. Washington, D.C, and San Diego posted price gains of 3.6 percent and 0.1 percent, respectively.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future,” David Blitzer, chairman of S&P’s index committee, said of the U.S. housing market.

“These data confirm what we have seen with recent housing starts and sales reports,” he said. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs. At worst, the feared double-dip recession may be materializing.”