Dec. 1. By Dave Yochum. The pandemic helped spur one of the tightest housing markets in US history, with prices nationwide climbing at mind-boggling levels.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.5 percent annual gain in September, down from 19.8 percent in the previous month.

Pat Riley, CEO Allen Tate

Charlotte: Boom

Charlotte prices were up 22.4 percent, according to Case-Shiller.

Pat Riley, CEO of Allen Tate, forecasts ongoing inventory challenges in the year ahead, but not at the same level of the past 18 months.

Nevertheless, 2022 will be “another year of above-average appreciation,” Riley explained.

2022 forecast

He predicts Charlotte region price increases averaging 8 percent to 9 percent in 2022.

“We will see a gradual increase in interest rates, but not a dramatic increase to slow down inflation,” Riley said.

OK, Boomer

New construction will not provide the inventory we need.

“It must come from the aging Boomer population,” he said.

Carolina focus

The Carolinas will remain front and center for both corporate and family relocations, according to Riley.

The rate of price growth is beginning to decline, however.

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,'” said Craig J. Lazzara, managing director at S&P DJI.