South By North Strategies, Ltd.

In October, the seasonally-adjusted home prices of single-family units rose in 19 of the 20 metro areas tracked by the S&P/Case-Shiller Housing Price Indicies. Despite those increases, sales price levels in 15 markets remain lower than they were one year ago.

The graph (right) shows changes in price indices for selected metros. Data are shown for Charlotte, certain peer metros in the South Atlantic, and, for purposes of regional comparisons, San Diego and Cleveland. The composite measure for all 20 metros also is shown.

While Charlotte never experienced the same housing bubble seen in other metros, housing prices, as measured by the index, have fallen by 5.6 percent over the past year and by 10.8 percent since the start of the recession. And Charlotte was one of 19 metros tracked in the survey that recorded a month-to-month increase in prices. Although most of the price tracked by the S&P/Case-Shiller Indicies have risen over the past few months, those trends don’t necessarily mean that the housing bubble has fully deflated. Explains Calculated Risk:

The impact of the massive government effort to support house prices led to small increases in prices over the Summer, and the question is what happens to prices as these programs end over the next 6 months. I expect further price declines in many cities.