Report: Home prices rose in Raleigh in June; fell in Durham-Chapel Hill
08/05/2014 3:51 PM
08/05/2014 3:52 PM
Home prices in Raleigh continued to rise in June but fell in the Durham-Chapel Hill market, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 4.7 percent in the Raleigh market and declined by 0.7 percent in Durham-Chapel Hill in June compared with the same period a year ago, according to CoreLogic.
Prices increased 7.5 percent nationwide in June, the 28th consecutive month that home prices have risen, according to CoreLogic.
CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time.
The year-over-year gains in both Raleigh and Durham-Chapel Hill have been shrinking in recent months. In May, prices increased 5.3 percent in the Raleigh market and 2.4 percent in the Durham-Chapel Hill market.
"Home price appreciation continued moderating in June with its slight month-over-month increase," said Mark Fleming, chief economist for CoreLogic, in a statement. "This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble."
Triangle homeowners shouldn't assume that their homes have appreciated or depreciated by the levels being reported by CoreLogic or other data providers. Price fluctuations vary depending on location, price point and other factors.
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