Report: Triangle home prices rise in September

Home prices increased in September 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 5.5 percent in the Raleigh market. In the Durham-Chapel Hill area, prices increased 3.6 percent.

Prices increased 6.4 percent nationwide in September. 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 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.

But by most measurements home prices have been rising in the Triangle. The average price of the Triangle homes that sold in the third quarter was $268,500, up 4 percent, Triangle Multiple Listing Services data show.

CoreLogic CEO Anand Nallathambi said in a statement that a recent extended run of rising prices has made some U.S. markets overvalued.

“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued,” he said. “In the near term, this trend is likely to continue and pose evaluated risks to the housing economy.”

This story was originally published November 3, 2015 at 9:07 AM with the headline "Report: Triangle home prices rise in September."