Home prices increased in April in Raleigh and in the Durham-Chapel Hill area 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 5.1 percent.
Prices increased 6.2 percent nationwide in April, according to CoreLogic. CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time.
“Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year.”
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, price point and other factors.
But most measurements show solid price appreciation in the Triangle in recent years.
According to Triangle Multiple Listing Services, the average overall sales price of the homes that sold in April was $277,400, up 6 percent from the same period a year ago and 18 percent higher than four years ago.
Home prices in Raleigh were up 8.4 percent in the first quarter of 2016 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 5.3 percent over the same period. The quarterly index is based on average price changes in repeat sales or refinancings on the same properties.