Home prices in the Winston-Salem area rose at a higher rate during September than in recent months, national real-estate research company CoreLogic reported Tuesday.
Prices in Forsyth, Davidson, Davie, Stokes and Yadkin counties climbed 5.34% year over year in September, compared with being up 4.73% in August and 4.83% in July. CoreLogic does not disclose a median price.
When excluding distressed and foreclosed houses, local prices were up 5.04% in September, compared with 3.98% in August and 4.64% in July.
The Winston-Salem MSA had the highest increase in home prices during August among North Carolina’s five main metro areas.
By comparison, home prices in the Greensboro-High Point metropolitan statistical area increased year over year 4.57% in September, 5.11% in August and 5.02% in July.
When excluding distressed and foreclosed houses, prices rose 4.31% in September, compared with 4.98% in August and 4.83% in July.
Home prices in the Charlotte-Concord-Gastonia MSA increased 4.57% in September, unchanged from August. When excluding distressed and foreclosed houses, prices rose 4.34%.
In the Durham-Chapel Hill MSA, home prices rose 4.6% in September, down from 5.18% in August. When excluding distressed and foreclosed houses, prices rose 4.35%.
In the Raleigh-Cary MSA, home prices were up 4.32% in September, down from 4.55% in August. When excluding distressed and foreclosed houses, prices rose 4.28%.
“Mortgage rates were a full percentage point lower this September compared with a year ago, boosting affordability for first-time buyers and supporting a rise in homeownership,” said Frank Nothaft, chief economist at CoreLogic.
“Personal income grew faster than home prices during the past year. This provided an additional lift for first-time buyer affordability and helped to boost the homeownership rate to the highest level in more than five years.”
Rising home prices could continue to prevent some millennials from being able to afford a home, according to economists and housing analysts.
That has led to a boom in construction of apartment complexes, as well as a sharp increase in buying apartment complexes, the latter particularly in the Triad.
On July 26, the Winston-Salem Association of Realtors reported that the average residential home sale price in the area continued on an upswing during June.r.