Home prices increased in March in Raleigh and fell slightly 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 5.4 percent in the Raleigh market. In the Durham-Chapel Hill area, prices decreased 0.7 percent
The price increases in the Raleigh market slowed compared to February, when prices increased 5.9 percent compared to February 2014. Prices rose 1 percent in the Durham-Chapel Hill market in February after falling for the previous seven months.
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, the sales price of a home and other factors.
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Prices increased 5.9 percent nationwide in March, the 37th 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 homes for sale inventory continues to be limited while buyer demand has picked up with low mortgage rates and improving consumer confidence,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “As a result, there has been continued upward pressure on prices in most markets ... ”
The Triangle, like many other markets in the U.S., is experiencing a shortage of homes on the market. At the end of March, the number of existing homes for sale in the region was 57 percent below where it was four years ago, Triangle Multiple Listing Services.
The average overall sales price of the homes that sold in the first quarter was $253,915, up 2 percent from the same period last year, according to Triangle MLS.