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November 5, 2013

Triangle home prices kept rising in September, according to new report

Home prices in the Triangle continued to climb in September, according to a new report from real estate provider CoreLogic.

Home prices in the Triangle continued to climb in September, according to a new report from data analysis provider CoreLogic.

Home prices, including distressed sales, increased 6.6 percent in the Raleigh-Cary market in September compared with the same period a year ago, according to CoreLogic. Prices in the Durham-Chapel Hill market increased 5.4 percent over that same period.

The Triangle price increases remain smaller than those being reported nationwide. Prices increased 12 percent nationwide in September, the 19th consecutive month that nationwide home prices have risen.

CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time, which it claims provides a more accurate view of pricing trends.

But Triangle homeowners shouldn’t assume that their homes have appreciated by the levels being reported by CoreLogic and other data providers. Price fluctuations vary depending on both location and price point, with lower-price homes in attractive neighborhoods benefiting the most during the recovery.

The percentage increases being reported by CoreLogic are higher than other local pricing measurements.

For example, the average price of the homes that sold in the Triangle during the third quarter was $249,000, up 4 percent from the same period last year, according to Triangle Multiple Listing Services.

Staff writer David Bracken

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