Four years later, Charlotte home prices hit new low

Charlotte ObserverJune 28, 2011 

April was another difficult month for residential real estate in Charlotte, with home prices falling to their lowest levels in four years, according to a report released Tuesday.

Meanwhile, other major markets posted a boost in home prices, fueled by the spring homebuying season.

Overall, the news from the Standard & Poor's/Case-Shiller Home Price Index reflects cautious optimism about a turnaround for major markets, where U.S. home prices dipped to their mid-2002 levels in March. Average home prices rose to summer-2003 levels in April. Case-Shiller's 20-market composite rose 0.7 percent from March to April.

But Charlotte was among six major markets -- including Chicago, Detroit, Las Vegas, Miami and Tampa -- showing new lows in April. In Charlotte, prices dropped 0.3 percent from March, and remained down 6.6 percent over the year, the report found.

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