Home prices increased in January in Raleigh and fell again in the Durham-Chapel Hill area compared with the same period last year, according to a new report from data analysis provider CoreLogic.
Home prices, including distressed sales, increased 4.8 percent in the Raleigh market. In the Durham-Chapel Hill area, prices declined 0.1 percent. The Durham-Chapel Hill market has seen prices fall for seven straight months.
But both Triangle markets showed improvement over December, when prices increased 3.9 percent in Raleigh and declined 1.7 percent in Durham-Chapel Hill.
Prices increased 5.7 percent nationwide in January, the 35th 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.
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“We continue to see a strong and progressive uptick in home prices as we enter 2015. We project home prices will continue to rise throughout the year and into 2016,” CoreLogic CEO Anand Nallathambi said in a statement.
Triangle 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, price point and other factors.
According to Triangle Multiple Listing Services, the average sales price of the homes that sold in January was $244,000, down from $250,000 during the same period in 2014.