Growth in local home prices hits record level with nearly 23% increase, Case-Shiller index shows

Home-price gains in the Charlotte market held their pace in November, logging a 22.9% year-over-year increase in the S&P CoreLogic Case- Shiller index — a slight uptick from the previous month.

That local growth in home prices was more than double the 9.4% increase from November 2020, reaching a record-high level for another month.

It also continued to eclipse that of the nation as a whole, which is seeing

price growth moderate some. In November, for instance, the   national composite had an 18.8% year-over-year increase — down from 19% in the previous month. The 20-city measure posted an 18.3% increase in November — down from 18.5% in the prior month, while the 10-city composite logged a 16.8% increase — down from 17.2%.

“For the past several months, home prices have been rising at a very high, but decelerating, rate,” said Craig J. Lazzara, managing director at S&P DJI, in his monthly analysis of the Case-Shiller results. “… Despite this deceleration, it’s important to remember that November’s 18.8% gain was the sixth-highest reading in the 34 years covered by our data (the top five were the months immediately preceding November).”

The housing markets of Phoenix, Tampa, Florida, and Miami remained hot spots for price gains in November, with year-over- year growth of 32.2%, 29% and 26.6%, respectively. Charlotte saw the eighth-highest increase of the 20 markets tracked by Case- Shiller.

“We continue to see very strong growth at the city level. All 20 cities saw price increases in the year ended November 2021, and prices in 19 cities are at their all-time highs,” Lazzara said.

The Case-Shiller index is based on a three-month, rolling average of repeat single-family home sales.

Here’s a look at how annual home-price gains in the Charlotte metro area have trended over the past year, according to the Case- Shiller index:

November 2021: up 22.9%

October: up 22.5%

September: up 22.4%

August: up 21.7%

July: up 20.9%

June: up 18.6%

May: up 16.9%

April: up 15%

March: up 13.5%

February: up 11.7%

January: up 11%

December up 10.2%

November 2020: up 9.4%