Triad home prices remain on upswing, but at slower pace, during October

CoreLogic does not disclose a median price.

When excluding distressed and foreclosed houses, local prices were up 4.16% in October, compared with 5.1% in September and 3.98% in August.

The Winston-Salem MSA had the third highest increase in home prices during October among North Carolina’s five main metro areas.

By comparison, home prices in the Greensboro-High Point metropolitan statistical area increased year over year 3.92% in October, 4.85% in September and 5.11% in August.

When excluding distressed and foreclosed houses, prices rose 3.89% in October, 4.65% in September and 4.98% in August.

Home prices in the Charlotte-Concord-Gastonia MSA increased 4.89% in October, up from 4.77% in September. When excluding distressed and foreclosed houses, prices rose 4.62%.

In the Durham-Chapel Hill MSA, home prices rose 4.92% in October, up from 4.75% in September. When excluding distressed and foreclosed houses, prices rose 5.12%.

In the Raleigh-Cary MSA, home prices were up 4.05% in October, down from 4.36% in September. When excluding distressed and foreclosed houses, prices rose 3.96%.

“While we saw prices up 3.5% nationally last year, home prices also declined in 22 metropolitan areas,” said Frank Nothaft, chief economist at CoreLogic. “Price softness occurred in some high-cost urban areas and in metros with weak employment growth during the past year.”

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.