Home prices increased in July in Raleigh and were flat in the Durham-Chapel Hill area compared to the same period last year, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 4.8 percent in the Raleigh market. In the Durham-Chapel Hill area, prices fell 0.2 percent.
Prices increased 7.4 percent nationwide in July, the 29th 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 most markets have been shrinking in recent months.
"While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting," said Sam Khater, deputy chief economist for CoreLogic, in a statement. "Entering this year, price increases were led by western and southern states, but over the last few months northeastern and Midwestern states are migrating to the forefront of home price rankings."
Triangle homeowners shouldn't assume that their homes have appreciated by the levels being reported by CoreLogic or other data providers. Price fluctuations vary depending on location, price point and other factors.
While most measurements are now showing that prices are rising in the Triangle, the amount of appreciation varies.
Home prices in Raleigh were up 4.5 percent in the second quarter compared with the same period a year ago, according to the Housing Price Index published by the Federal Housing Finance Agency. Durham-Chapel Hill home prices increased 4 percent over the same period.
The quarterly index is based on average price changes in repeat sales or refinancings on the same properties.