Home prices in the Winston-Salem area remained on a slower summer growth pace during August, national real-estate research company CoreLogic reported Thursday
Prices in Forsyth, Davidson, Davie, Stokes and Yadkin counties rose 4.37% in August, compared with 4.84% in July and 5.14% in June. CoreLogic does not disclose a median price.
When excluding distressed and foreclosed houses, local prices were up 3.98% in August, down from 4.64% in July and 5.17% in June.
The Winston-Salem MSA had the lowest 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 5.11% in August, up from 5.02% in July and 4.73% in June.
When excluding distressed and foreclosed houses, prices rose 4.98%, up from 4.83% in July and 4.46% in June.
Home prices in the Charlotte-Concord-Gastonia MSA increased 4.56% in August, down from 4.58% in July.
When excluding distressed and foreclosed houses, prices rose 4.49%.
In the Durham-Chapel Hill MSA, home prices rose 5.07% in August, up from 4.77% in July. When excluding distressed and foreclosed houses, prices rose 4.8%.
In the Raleigh-Cary MSA, home prices were up 4.48% in August, up from 4.06% in July.
When excluding distressed and foreclosed houses, prices rose 4.53%.
“While the slowdown in (home price) appreciation occurred across the country at all price points, it was most pronounced at the lower end of the market,” said Dr. Frank Nothaft, chief economist at CoreLogic. “This moderation in home-price growth should be welcome news to entry-level buyers.”
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 building apartment complexes, as well as a sharp increase in buying apartment complexes, the latter particularly in the Triad.
However, CoreLogic chief executive Frank Martell expressed confidence that millennials are beginning to dip their toes into home buying.
“The millennial cohort has now entered the housing market in force and is already driving major changes in buying and selling pattern,” Martell said. “Almost half of the millennials over 30 years old have bought a house in the last three years.
“Perhaps most significantly, almost 80% of all millennials are confident they will become homeowners in the future.”
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.
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.
Attom Data Solutions said in a July 18 report that the median home sale price in the Winston-Salem metro climbed to at least a six-year high during the second quarter. Median typically is defined as the middle value in a list of numbers.
The price rose 3.7% compared with a year ago to $153,500. It’s also up 10.4% from $139,000 in the first quarter. The previous recent top median price was $148,000 in the second quarter of 2013.
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.