Charlotte home prices slumped 9 percent in September

Charlotte ObserverOctober 8, 2008 

The average price of Charlotte-area homes sold last month tumbled nearly 9 percent compared to last September. That's almost double the previous month's loss and by far the largest drop in nearly a year of declines.

The average price of $214,927 last month was the lowest of any month since March 2006, well before the housing downturn began in the region.

Sales also skidded lower, marking the 16th consecutive month of double-digit declines, according to figures released today.

The number of houses, townhouses and condos sold last month through the Carolina Multiple Listing Services dropped 27 percent compared with September 2007. There were 2,239 sales, according to the MLS, which accounts for nearly all existing home sales within about a 50-mile radius and roughly one-fourth of new home sales.

Through September, MLS sales were down 28 percent compared with the first nine months of last year.

Read the full story at CharlotteObserver.com.

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