Reprinted from Charlotte Observer August 22, 2009

Charlotte-area home prices continued a slow creep upward in June, according to a closely watched index released this morning.

Area sales prices remain in negative territory compared with a year ago, but rose .7 percent from May to June, according to the S&P/Case-Shiller Home Price Index. While that was down slightly from the previous month’s uptick, it was the third monthly gain in four months and further evidence prices are stabilizing.

The increase comes as the broader index of 20 metropolitan areas also has been improving.

“For the second month in a row, we’re seeing some positive signs,” said David Blitzer, chairman of S&P’s index committee, adding “there are hints of an upward turn from a bottom.”

Home prices and sales remain well off their highs, locally and nationwide, but today’s Case-Shiller reading adds to a growing list of small improvements.

The index is especially meaningful because it tracks repeat sales of existing houses, the most precise broad measure of how home values are adding up. Charlotte’s run of rising values outlasted the 19 other markets for a long time. But in April 2008, the region turned to losses. This March, Charlotte saw a tiny gain, followed by an April decline and now two consecutive months of gains.

Charlotte’s prices compared with a year ago also improved, moving out of double digit losses, to a 9.6 percent decline. That remained the fifth smallest decline of the group.

Compared with a year ago, all 20 of the index’s markets remain down. But 18 areas had positively monthly gains in June, up from 13 in May. Phoenix, long the most depressed market, saw a monthly gain. Las Vegas registered the biggest monthly loss, which pushed it into last place, with prices down 32.4 percent from a year ago.

A Lender, Lawyer and Leader answer a frequently asked question.

Are we seeing glimpses of a recovering local real estate market?  Is it a seasonal difference?

Gooden + Faircloth asked three Mt Pleasant real estate industry authorities the same question our team is asked virtually everyday, “How’s the local real estate market?”

Bobby Green – Bank of America Mortgage Loan Officer
“Rates are holding under 5.0% with no points and no origination fees.
Home showings have picked up and so have Pre-Approvals.  This Spring is going to be the “Turn” in the Real Estate Market.  Plus, the Homeowner Affordability and Stability Plan is starting to be implemented.  This will help everyone refinance into lower rates.”

Rick Brownyard – Real Estate Attorney
“Money magazine has pegged the Charleston Market at within .one tenth of 1% from the market bottom and to be amongst the first 25 major markets to begin sales and price increases beginning the third quarter of this year. That seems to be borne out by the increased number of purchase closings that we are handling and is probably is being boosted by the great interest rates available right now. This really seems like the time to buy for those who have been wavering.”

Rob Woodul – Keller Williams Mt Pleasant Market Center Leader
” We are currently seeing activity that we haven’t seen since June of last year.  Showings are way up and contracts, at least for our office, are on the rise. So what is driving this?  Well in my opinion the $8000 dollar tax credit for first time home buyers is moving more people off the fence.

Seaside Farms is one of coastal South Carolina’s most popular neighborhoods.  Nestled up to the intracoastal and marsh expanse separating mainland Mount Pleasant,SC and Isle Of Palms on the barrier islands, Seaside Farms is actually several beautiful neighborhoods.   Enjoy a closer look at Seaside Farms in the video tour below.

Gooden+Faircloth has compiled 2008 real estate sales data into the new Seaside Farms Real Estate Report 2008/2009.

The highest priced home sold over the past 12 months was in the Cathedral Oaks neighborhood.  1712 Canyon sold for $ 1,175,000 or $ 285 per square foot.

Over the past 12 months, homes averaged remaining on the market from a low of 127 days in Magnolia Woods to a high of 207 days in Windward / Marais.

Click here to learn more.