Home prices increased in February 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 5.9 percent in the Raleigh market. In the Durham-Chapel Hill area, prices rose 1 percent after having declined for the previous seven months.
The Raleigh market showed considerable improvement over January, when prices increased 4.8 percent compared to January 2014. Prices declined 0.1 percent in the Durham-Chapel Hill market in January.
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.
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Prices increased 5.6 percent nationwide in February, the 36th 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.
"Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home price growth with a particular uptick in low-end home price growth over the last few months," said Frank Nothaft, chief economist for CoreLogic, in a statement.
Like many other markets in the U.S., the Triangle is experiencing a shortage of homes on the market.
There were just 6,138 homes for sale in Durham, Johnston, Orange and Wake counties at the end of February, down 13 percent from the same period a year ago, Triangle Multiple Listing Services data show.
According to Triangle Multiple Listing Services, the average sales price of the homes that sold in February was $248,600, up from $241,000 during the same period in 2014.