More signs Charlotte housing market is on upswing

Home prices in the Charlotte-Rock Hill-Gastonia metropolitan area rose 5.1 percent in November compared to a year earlier, the latest sign the housing market has stabilized and in recovery.

Nationally, home prises rose 7.4 percent in November on an annual basis, according to the CoreLogic Home Price Index released Tuesday. This is the biggest increase since May 2006 and the ninth consecutive increase in U.S. home prices on a year-over-year basis, the company said.

December prices are expected to grow 7.9 percent nationally compared to December 2011, CoreLogic said.

These figures include distressed sales.

"As we close out 2012, the pending index suggests prices will remain strong," said Mark Fleming, chief economist for CoreLogic.

Added CoreLogic president and CEO Anand Nallathambi: "We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013."

Excluding distressed sales, Charlotte-area home prices rose 4.4 percent in November compared to a year earlier.

Including distressed sales, the five states posting the highest home price appreciation were: Arizona (up 21 percent) , Nevada (up 14 percent), Idaho (up 13.8 percent), North Dakota (up 11.3 percent) and California (up 11.1 percent).