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Report: Triangle home prices kept rising in January

Home prices in the Triangle continued to rise in January, according to a new report from data analysis provider CoreLogic.

Home prices, including distressed sales, increased 7.3 percent in the Raleigh market and 7.4 percent in the Durham-Chapel Hill market in January compared with the same period a year ago, according to CoreLogic.

The Triangle price increases continue to be much smaller than those being reported nationwide. Prices increased 12 percent nationwide in January, the 23rd 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, which it claims provides a more accurate view of pricing trends.

But 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 location and price point, and some other price measurements show more modest price appreciation in the Triangle.

Home prices in Raleigh were up 6.6 percent in the fourth 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 1.5 percent 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.

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