Home prices increased in November in Raleigh and in the Durham-Chapel Hill market compared with the same period last year, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 4.7 percent in the Raleigh market and 3.4 percent in the Durham-Chapel Hill area.
Prices increased 6.3 percent nationwide in November, and CoreLogic forecasts that they will rise 5.4 percent over the next 12 months. CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time.
Home prices are rising in part because of a lack of inventory in the Triangle, as listings have fallen for 15 consecutive months on a year-over-year basis.
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“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”
Homeowners shouldn’t assume that their homes have appreciated or declined by the levels being reported by CoreLogic or other data providers. Price fluctuations vary depending on location, the sales price of a home and other factors.
But by most measurements home prices have been rising in the Triangle.
Home prices rose 9.6 percent Raleigh in the third 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 6.3 percent over the same period.
The quarterly index is based on average price changes in repeat sales or refinancings on the same properties.
The average price of the homes that sold in November rose 9 percent compared with the same period last year, Triangle Multiple Listing Services data show.