CHARLOTTE, N.C. -- Charlotte-area home prices continued slipping in October, based on a closely watched index released this morning.
Area sales prices fell 0.7 percent in October, compared with September, according to the S&P/Case-Shiller Home Price Index. That's the same monthly drop seen in September and mirrors fall weakness in many of the 20 markets covered by the index.
Small monthly gains during the spring and summer, here and nationwide, have boosted comparisons to a year ago. Charlotte prices are down 7 percent compared with October 2008, an improvement over double-digit annual declines earlier this year.
The Case-Shiller decline has been tracking somewhat with other local results.
For example, the average price fell 9.5 percent in October, compared with a year earlier, for transactions through the Carolina Multiple Listing Services. In November, however, MLS transactions posted a small uptick. The MLS deals account for most of the region's sales but include new and existing homes without distinction.
The Case-Shiller index is especially meaningful because it tracks repeat sales of existing houses, the most precise broad measure of how home prices are faring. Charlotte held up longer than most, but in April 2008 turned negative.
