Fifteen of 20 major metropolitan areas posted price declines of more than 10% from a year earlier with the Sun Belt continuing to be hit hardest. Nationally, home prices are at levels similar to the third quarter of 2003. Charlotte prices are down 9.3% year over year but more interesting is that over the last 6 months the index for Charlotte is down 10%. Our area was one of the last to fall (peak in prices was August 2007) and really looks to have accelerated as price declines in the last 6 months are more in line with early cycle declines such as Boston. Our area is co-dependant on other areas of the country such as California as that once million dollar house now at 650k-700k, the move to our area is not as attractive as it once was and the recent price declines reflect the fact that there are fewer buyers today. If you are fortunate enough to be a buyer I have a few deals that I consider amazing, let me know.
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