(Source: The Charlotte Observer (Charlotte, N.C.))
By Kirsten Valle Pittman, The Charlotte Observer, N.C.
March 09--Charlotte-area home sales fell again in February after a short-lived uptick, the latest sign of continued struggles in the housing market.
About 1,330 houses, townhouses and condos sold in the Charlotte region last month, down 5 percent from February 2010, according to data released Tuesday by the Charlotte Regional Realtor Association. The slide ended a two-month streak of year-over-year increases.
The number of closings was down from January, too, by 6 percent.
Meanwhile, pending sales -- signed contracts that haven't yet closed, one of the best measures of current housing activity -- slid about 14 percent in February from the year before.
"This time last year, the homebuyer tax credit was acting as a stimulus and driving sales," one reason for this year's decline, Realtor association President Laurie Knudsen said.
But in a hopeful turn, the number of pending sales was up 18 percent from January, indicating more sales could occur this spring, she said.
The residential real estate market is still a long way from recovery. Lagging consumer confidence and still-inflated unemployment have slowed sales, and persistent foreclosures and short sales have dragged down home prices locally and across the country.
Knudsen has reported a recent uptick in Charlotte-area showings. But other industry experts say concerns about government debt and surging gas prices in coming months could prolong the recovery further.
The closely watched S&P/Case-Shiller Home Price Index showed recently that Charlotte-area home prices fell in December to their lowest level in more than five years. The results capped the third straight year of price declines in Charlotte, bringing the area's home price index back to its May 2004 level.
The Realtor association data show the average selling price fell in February, too. The Charlotte market's $180,036 average was down 6 percent from February 2010 and down about 4 percent from January.
The median price, $143,500, has remained more stable in recent months, climbing about 2 percent in February from the year before. Knudsen said the median is a more accurate measure because it doesn't factor in extreme highs and lows.
The data come from the Realtor association's Carolina Multiple Listing Services. The MLS accounts for nearly all sales in the Charlotte area.
Kirsten Pittman: 704-358-5248
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