Home prices in the Winston-Salem metro area remained on an upswing in May, though down slightly compared with the previous month.
National real-estate research company Core Logic said prices in the five-county region rose 4.2 percent from a year ago. CoreLogic does not disclose a median price. The year-over-year increase was 4.8 percent in April.
When excluding distressed and foreclosed houses, local prices rose 3.9 percent in May compared with up 4.5 percent in April.
Home prices in the Greensboro-High Point MSA rose 5.4 percent in May, compared with 4.5 percent in April. When excluding distressed and foreclosed houses, prices rose 5.2 percent in May and 4.8 percent in April.
“The lean supply of homes for sale is leading to higher sales prices and fewer days on market, and the supply shortage is more acute for entry-level homes,” said Frank Nothaft, chief economist for CoreLogic.
Nothaft said some homebuyers are absorbing the recent rise in mortgage interest rates to secure a purchase.
“During the first quarter, we found that about 50 percent of all existing homeowners had a mortgage rate of 3.75 percent or less,” Nothaft said. “May’s mortgage rates averaged a seven-year high of 4.6 percent.
“An increasing number of homeowners are keeping the low-rate loans they currently have, rather than sell and buy another home that would carry a higher interest rate.”
CoreLogic said “the long-term desire for homeownership is much stronger among renters in markets that have the highest home-price growth.”
About 41 percent of renters are considering buying over the next 12 months, while just 11 percent of homeowners are considering selling.
“The CoreLogic consumer research demonstrates that, despite high home prices, renters want to get out of their rental property and purchase a home,” said Frank Martell, president and chief executive of CoreLogic.
For the Charlotte-Concord-Gastonia MSA, home prices rose 6.2 percent year over year in May, compared with 6.8 percent in April. When excluding distressed and foreclosed houses, prices rose 5.9 percent in May and 6.5 percent in April.
For the Durham-Chapel Hill MSA, home prices rose 5.5 percent year over year in May, compared with 6.1 percent in April. When excluding distressed and foreclosed houses, prices rose 5.6 percent in May and 6.1 percent in April.
For the Raleigh-Cary MSA, home prices rose 5.4 percent year over year in May, compared with 4.9 percent in April. When excluding distressed and foreclosed houses, prices rose 5.2 percent in May and 4.8 percent in April.
Michael S. Clapp & Associates, a local real-estate research firm, said May 17 that 3,278 homes were sold from Jan. 1 through April 30, up 5.5 percent from the same period a year ago. The average price was $180,786, up 8.3 percent.
Clapp’s report covers Davidson, Davie, Forsyth, Stokes and Yadkin counties.
The Winston-Salem Regional Association of Realtors reported May 15 there were 755 closed sales in the Triad Multiple Listing Service area for April, up 5.5 percent from a year ago.
Sales rose 7.3 percent to 708 in March. Those sales reflect select residential markets in Davie, Davidson, Stokes and Yadkin counties.
The average sale price in April was $206,029, up 13.9 percent from a year ago, according to the association. For March, the average sale price was $195,029, an increase of 8.5 percent.