CHARLOTTE, N.C. -- Charlotte-area home sales improved in March, indicating consumers are feeling more confident about the economic recovery, local real estate experts said today. But prices remain weak, a sign of continued challenges in the market.
About 1,900 houses, townhouses and condos sold in the Charlotte region last month, up 43 percent from February, according to new data from the Charlotte Regional Realtor Association. That number was slightly higher, 0.2 percent, than March 2010.
Pending sales - signed contracts that haven't yet closed, one of the best measures of current housing activity - climbed 32 percent in March from the month before, though the number was down almost 12 percent from March 2010, when the government's homebuyer tax credit was driving a surge in sales.
"Closings peaked in May last year due to the extension of the tax credit," Realtor association President Laurie Knudsen said. "We believe this year's activity is directly tied to increased consumer confidence and local businesses' return to hiring."
Still, significant hurdles remain. The Charlotte region's unemployment rate continues to hover well above its pre-recession level, and persistent foreclosures and short sales have dragged down home prices locally and across the country.
The closely watched S&P/Case-Shiller Home Price Index showed recently that home prices in Charlotte and 10 other areas hit a new low in January since their 2006 and 2007 peaks.
The Realtor association data show the average selling price fell about 2 percent in March from the year before, to $194,465. That number was up 8 percent, though, from the February average.
The data come from the Realtor association's Carolina Multiple Listing Services. The MLS accounts for nearly all sales in the Charlotte area.
