Home prices increased in January 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 5.1 percent in the Raleigh market and 4.6 percent in the Durham-Chapel Hill area.
Prices increased 6.9 percent nationwide in January, and CoreLogic forecasts that they will rise 5.5 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.
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.
By most measurements, home prices have been rising in the Triangle thanks to steady demand and a shortage of homes for sale.
The average price of the homes that sold in January in the Triangle was $265,900, up 9 percent from the same period last year and 21 percent higher than four years ago, according to Triangle Multiple Listing Services.