UNC Charlotte offers new graduate degree in real estate

UNC Charlotte is searching for recruits for its newest program where students can earn a Master of Science in Real Estate degree.

The University of North Carolina Board of Governors approved the new degree last week, and the university started recruiting students today. The program will begin in August.

"In good times and bad, the commercial real estate industry is one of the key drivers of the economy," said Belk College Dean Steven Ott. "There will always be a need for specially trained employees to manage the complexities of real estate finance, development and construction."

The college hopes to recruit an inaugural class of 12 to 15 students, building to an enrollment of 15 to 20 new students per year. Faculty director Dustin Read said in a statement he expects the class to be a mix of part-time and full-time students. Students will take a mix of classes covering subjects such as commercial real estate, law and land use policy, finance and investment, construction management and financial management.

Go here for more information and admissions requirements. http://msrealestate.uncc.edu/

Home sales rose last month but prices fell

Charlotte-area home sales jumped year-over-year in October for the fourth straight month but prices are still falling, new data show.

The region's inventory of available distressed homes also dropped significantly. But the statistics don't take into account a reportedly growing amount of "shadow inventory," or foreclosed homes that aren't on the market.

About 1,882 houses, townhouses and condos sold in the Charlotte region last month, up 12.4 percent from October 2010, according to a report released Wednesday from the Charlotte Regional Realtor Association. Closings dropped 4.4 percent from September.

Meanwhile, pending sales - one of the best gauges of current housing activity - rose 14.1 percent in October compared to the year before. Pending contracts are signed contracts that haven't yet closed.

Average sales prices for the month dipped 3.6 percent year-over-year to $194,837. That's down less than one percent from the previous month.

Association President Laurie Knudsen said she was encouraged by the decrease in listing inventory, which suggests the market is working through a glut of available homes. Listings of non-distressed properties fell 10 percent from last year, while the amount of new listings for distressed homes dropped 55 percent.

"They keep talking about shadow inventory," Knudsen said. "But I think part of that shadow inventory has been absorbed in short sales and other sales. We have not suffered as much as the rest of the country. I believe Charlotte is going to remain pretty stable."

Last month, the closely watched S&P/Case-Shiller Home Price Index showed Charlotte was one of the few major markets where home prices in August rose compared to the previous month. Local home prices rose .2 percent from July and fell 3.4 percent from a year earlier.

"People still continue to move here," Knudsen said. "It's still a destination city."