Home prices in the Triangle increased in April but the gains were again smaller than the previous month, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 5 percent in the Raleigh market and 4.1 percent in the Durham-Chapel Hill market in April compared with the same period a year ago, according to CoreLogic.
Prices increased 10.5 percent nationwide in April, the 26th 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 April were smaller than those in March, when both Raleigh and Durham-Chapel Hill posted gains of 6.6 percent and 6.8 percent, respectively.
"The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation," said Sam Khater, deputy chief economist for CoreLogic, in a statement. "The 10.5 percent increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months."
He said that the lack of homes for sale in many markets continues to drive prices higher. Inventory levels in the Triangle remain at historic lows, although the homes on the market ticked up in April compared to the same period last year for the first time in more than three years.
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 and price point.
While most measurements are now showing that prices are rising in the Triangle, the amount of appreciation varies.
Home prices in Raleigh were up 5.4 percent in the first 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 5.3 percent over the same period. The quarterly index is based on average price changes in repeat sales or refinancings on the same properties.