Home prices in the Winston-Salem area remained on an upswing during June, but again at a slower growth rate, national real-estate research company CoreLogic reported Tuesday.
Prices in Forsyth, Davie, Davidson, Stokes and Yadkin counties rose 4.89% in June, compared with 5.05% in May. CoreLogic does not disclose a median price.
When excluding distressed and foreclosed houses, local prices were up 5.01% in June, compared with 5.2% in May.
By comparison, home prices in the Greensboro-High Point metropolitan statistical area increased 4.77% in June, unchanged from May. When excluding distressed and foreclosed houses, prices rose 4.52%, down from 4.63% in May.
“Tepid home sales have caused home prices to rise at the slowest pace for the first half of a year since 2011,” said Frank Nothaft, chief economist at CoreLogic. “Price growth continues to be faster for lower-priced homes, as first-time buyers and investors are both actively seeking entry-level homes.
“With incomes up and current mortgage rates about 0.8 percentage points below what they were one year ago, home sales should have a better sales pace in the second half than a year earlier, leading to a quickening in price growth over the next year.”
The Winston-Salem MSA again had the second-highest increase in home prices during May among North Carolina’s five main metro areas.
Home prices in the Charlotte-Concord-Gastonia MSA increased 4.26% in June, down from 4.74% in May. When excluding distressed and foreclosed houses, prices rose 4.03%.
In the Durham-Chapel Hill MSA, home prices rose 4.97% in June, down from 5.06% in May. When excluding distressed and foreclosed houses, prices rose 4.88%.
In the Raleigh-Cary MSA, home prices were up 4.19% in June, down from 4.24% in May. When excluding distressed and foreclosed houses, prices rose 4.2%.
On July 26, the Winston-Salem Regional Association of Realtors reported the average residential home sale price in the area continued on an upswing during May and June.
However, the association cautioned that a diminishing inventory of available homes could serve to cool the market in future months.
The totals are based on Triad Multiple Listing Service data, which reflects certain residential markets in Davidson, Davie, Forsyth, Stokes and Yadkin counties.
The average sale price was $225,787 in June, up 12.2% from a year ago. There were 900 closed sales during June, down from 928 in June 2018.
For May, the average sale price was $214,736, up 4.6% from a year ago. There were 980 closed sales during May, up from 942 in May 2018.
National real-estate research company Attom Data Solutions reported July 18 that the median home sale price in the Winston-Salem MSA rose 3.7% compared with a year ago to $153,500. It’s also up 10.4% from $139,000 in the first quarter.
By comparison, the Greensboro-High Point metro area had a median sale price of $152,000, up 8.6% from a year ago and up 10.9% from the first quarter.