Charlotte home prices rising

Home prices in Charlotte went up almost 5 percent this May compared to May 2013.

CHARLOTTE, N.C. --- Home prices in Charlotte went up almost 5 percent this May compared to May 2013. The figures come from the Case-Shiller index, which tracks sales of existing homes in communities all over America. Charlotte homes in particular are doing better than most other cities surveyed.

Wells Fargo Economist Mike Wolf believes Charlotte's economy is fueling the price growth.

"Yeah, I think the economy has improved dramatically. Employment is well above its pre-recession peak. Employment gains have been above the state and national average."

He adds, "I think we have a lot to be proud about for Charlotte's economy. I think there's a lot of hope going forward."

Homes of average size are seeing the biggest increases in prices. Allen Tate Realtors President Pat Riley points out that boomers are downsizing, and millennials are finally buying their first homes.

"If I'm selling a larger home right now to downsize. Guess what? There's a lot of other folks wanting to do the same thing, so there's more of a demand for rightsizing," Riley said.

Interest rates set by the government are still low, but not as low as last year. Economists believe interest rates will continue to rise over the next year.

Riley has advice for anyone on the fence.

"Nothing is going to be better than today. You'd expect me to say that in the real estate business, but I'm going to back that up. Interest rates are on a march upward. That doesn't mean I won't be able to buy, it means I'm going to get less house today. So if I want more house for my money, today's the day."


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