Home prices in the Triangle increased in March but the gains were smaller than the previous month, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 6.6 percent in the Raleigh market and 6.8 percent in the Durham-Chapel Hill market in March compared with the same period a year ago, according to CoreLogic.
Prices increased 11.1 percent nationwide in March, the 25th 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 March were smaller than those in February, when both Raleigh and Durham-Chapel Hill posted gains of 7.5 percent and 9.2 percent, respectively.
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“March data on new and existing home sales was weaker than expected and is cause for concern as we enter the spring buying season,” Mark Fleming, CoreLogic’s chief economist, said in a statement.
He noted the lack of homes for sale in many markets continues to drive home prices higher, “even though transaction volumes are lower than expected.” Inventory levels in the Triangle continue to remain at historic lows.
Triangle homeowners shouldn't assume that their homes have appreciated by the levels being reported b y CoreLogic or other data providers. Price fluctuations vary depending on location and price point.
While most measurements are now showing that prices are rising in the Triangle, the amount of appreciation varies.
The average sales price of the Triangle homes that sold in the first quarter was $248,643, up 8 percent from the same period in 2013, according to Triangle Multiple Listing Services. Most other price measurements put the region's rate of appreciation at somewhere between 3 percent and 6 percent.