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July 7, 2014

Report: Triangle home prices increased in May

Home prices in the Triangle increased in May, but the gains were smaller in the Durham-Chapel Hill area than the previous month, according to a new report from data analysis provider CoreLogic.

Home prices in the Triangle increased in May, but the gains were smaller in the Durham-Chapel Hill area than the previous month, according to a new report from data analysis provider CoreLogic.

Home prices, including distressed sales, increased 5.3 percent in the Raleigh market and 2.4 percent in the Durham-Chapel Hill market in May compared with the same period a year ago, according to CoreLogic.

Prices increased 8.8 percent nationwide in May, the 27th 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 May in Durham-Chapel Hill were smaller than those in April, when prices increased 4.1 percent. Prices in Raleigh rose 5 percent in April.

"The pace of home price appreciation is cooling off quickly as the weather warms up," said Mark Fleming, chief economist for CoreLogic in a statement. "May's 8.8 percent year-over-year growth rate is down almost three percentage points from just three months ago. The influences of modestly rising inventory and less-than-expected demand are causing price growth to moderate toward our forecasted expectations."

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.

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