Home prices increased in May 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 percent in the Raleigh market. In the Durham-Chapel Hill area, prices rose 2 percent.
Prices increased 6.3 percent nationwide in May, the 39th 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.
Triangle homeowners shouldn’t assume that their homes have appreciated 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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But by most metrics prices have been steadily rising in the Triangle, where the lack of inventory is helping to put upward pressure on prices.
The average price of the homes that sold in Durham, Johnston, Orange and Wake counties in the second quarter was $273,600, up 6 percent from the same period a year ago, according to Triangle Multiple Listing Services.
Home prices in Raleigh were up 5.7 percent in the first 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 2 percent over the same period.
The quarterly index is based on average price changes in repeat sales or refinancings on the same properties.