Home prices in the Winston-Salem area remained on an upswing in May, but at a slower growth rate, CoreLogic, a national real-estate research company, reported Tuesday.
Prices in Forsyth, Davie, Davidson, Stokes and Yadkin counties rose 5.03% in May compared with 5.57% in April. CoreLogic does not disclose a median price.
When excluding distressed and foreclosed houses, local prices were up 5.14% in May, compared with 5.49% in April.
By comparison, home prices in the Greensboro-High Point metropolitan statistical area increased 4.51% in May and 4.7% in April. When excluding distressed and foreclosed houses, prices rose 4.55%, down from 4.7% in April.
“Interest rates on fixed-rate mortgages fell by nearly 1 percentage point between November and May,” said Frank Nothaft, the chief economist at CoreLogic. “This has been a shot-in-the-arm for home sales.”
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 4.16% in May, down from 4.92% in April.
When excluding distressed and foreclosed houses, prices rose 3.92%.
In the Durham-Chapel Hill MSA, home prices rose 5.19% in May, down from 6.24% in April. When excluding distressed and foreclosed houses, prices rose 5.15%.
In the Raleigh-Cary MSA, home prices were up 4.15% in May, down from 4.44% in April. When excluding distressed and foreclosed houses, prices rose 4.28%.
“The recent and forecasted acceleration in home prices is a good and bad thing at the same time,” said Frank Martell, the president and chief executive of CoreLogic.
“Higher prices and a lack of affordable homes are two of the most challenging issues in housing today, and every buyer, seller and industry participant is being impacted,” Martell said.
“The long-term solution lies in expanding supply, which will require aggressive and effective collaboration between policy- makers, state and local government entities, and homebuilders,” he said.
The Winston-Salem Regional Association of Realtors said on April 19 that the average residential home-sale price in the Winston-Salem metro area rose in March.
The totals are based on Triad Multiple Listing Service data, which reflects certain residential markets in the five-county region.
The average sale price was $199,498 in March, up 2.3% from a year ago. There were 698 closed sales during the month, down from 710 in March 2018.
“We continue to see healthy price appreciation,” said Angela Kalamaras, the association’s president for 2019. “Our market is in a healthy position, and we see this continuing in 2019.”
Attom Data Solutions reported on May 6 that the median sale price for a house in the Winston-Salem MSA dropped in the first quarter, the third consecutive quarterly dip.
The price was down 3.7% to $139,000 compared with a year ago. The price had reached at least a six-year high of $148,000 in the second quarter of 2018.
“Median” is typically defined as the middle value in a list of numbers.