The National Association of Realtors' first quarter numbers are in and Charlotte, North Carolina wins the day with the highest increase in home prices for the first quarter of 2011 over 2010 first quarter figures. The average sales price was $192,100, up 12.2 per cent over last year's figures.
This is an even stronger number, considering that, nationally, prices went down 4.6 per cent. Nearly 25% of major metropolitan areas saw an increase with the remaining market continuing to decline.
The Charlotte market never saw the dramatic increases that some areas saw during the boom. This could help account for the early stabilization and now increase in prices.
In all markets, the lower end of the market is selling briskly, with 33% of all sales nationally being cash sales. In the first quarter, investors bought about 23% of the properties sold. Foreclosures and distressed properties continue to sell quickly and volume of sales overall is up, which will help stabilize prices.
Charlotte claimed the top spot in price increase, with Buffalo-Niagara Falls, NY area coming in second at a 10.8% increase.
Author:Scott Wilkinson Phone: 704-957-0323 Dated: May 20th 2011 Views: 2,029 About Scott: ...
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