Charlotte only city to report higher home prices

NEW YORK (AP) — Charlotte is the only major city in the country to report higher home prices in January.

Charlotte reported a 1.8 percent increase in Standard & Poor’s Case-Shiller home price index.

Home prices in many cities continued to drop by record levels as sellers cut their asking price and foreclosures continued to increase.

Home prices in 20 cities across the country fell nearly 11 percent in January, according to the Case-Shiller index of home prices. It’s the worst drop since the index was created 20 years
ago.

Miami and Las Vegas reported 19 percent drops. Those cities and 14 others reported record lows.

Diane McKnight with Re/Max Executive Reality in Charlotte says homes in the city sell in a day if the price is right. McKnight says there are plenty of buyers.

(Copyright 2008 by The Associated Press. All Rights Reserved.)