Triangle home prices kept rising in October, according to new report

Home prices in the Triangle kept rising in October, according to a new report from data analysis provider CoreLogic.

Home prices, including distressed sales, increased 6.4percent in the Raleigh-Cary market in October compared with the same period a year ago, according to CoreLogic. Prices in the Durham-Chapel Hill market increased 6.1percent over that same period.

The Triangle price increases remain smaller than those being reported nationwide. Prices increased 12.2percent nationwide in October, the 20th consecutive month that home prices have risen.

CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time, which it claims provides a more accurate view of pricing trends.

In a sign that price increases in many markets could be slowing, CoreLogic said nationwide home prices increased just 0.2percent between September and October. During that same period, home prices in Cary-Raleigh were flat, and they declined 0.7percent in Durham-Chapel Hill.

Triangle homeowners shouldn’t assume that their homes have appreciated by the levels being reported by CoreLogic and other data providers. Price fluctuations vary depending on both location and price point, with lower-price homes in attractive neighborhoods benefiting the most during the recovery.

Home prices in Raleigh-Cary were up 5.2percent in the third 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 2.3percent last year during that period, according to the quarterly index, which is based on average price changes in repeat sales or refinancings on the same properties.

The average price of the homes that sold in the Triangle in October was $250,500, up 7percent, according to Triangle Multiple Listing Services.

Staff writer David Bracken

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