Home prices in the Winston-Salem area remained on a slower growth pace during July, national real-estate research company CoreLogic reported Tuesday.
Prices in Forsyth, Davie, Davidson, Stokes and Yadkin counties rose 4.67% compared with 5.14% in June. CoreLogic does not disclose a median price.
When excluding distressed and foreclosed houses, local prices were up 4.48% compared with 5.17% in June.
Home prices in the Greensboro-High Point metropolitan statistical area increased 5% in July, up from 4.73% in June. When excluding distressed and foreclosed houses, prices rose 4.94%, up from 4.46% in June.
“Sales of new and existing homes were up from a year ago, supported by low mortgage rates and rising family income,” said Frank Nothaft, chief economist at CoreLogic.
“With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up.
“If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”
The Winston-Salem MSA had the fourth-highest increase in home prices during May among North Carolina’s five main metro areas.
Home prices in the Charlotte-Concord-Gastonia MSA increased 4.79% in July, unchanged from June. When excluding distressed and foreclosed houses, prices rose 4.74%.
In the Durham-Chapel Hill MSA, home prices rose 4.68% in July, down from 5.21% in June. When excluding distressed and foreclosed houses, prices rose 4.74%.
In the Raleigh-Cary MSA, home prices were up 4.03% in July, down from 4.17% in June. When excluding distressed and foreclosed houses, prices rose 4.04%.
However, rising home prices could continue to prevent some millennials from being able to afford a home.
“With so few homes available for sale, the imbalance has created an affordability crisis that is getting worse every day,” said Frank Martell, CoreLogic’s president and chief executive. “Demand exceeds supply, and we’re unsure of when the two will balance out.”
On July 26, the Winston-Salem Regional Association of Realtors reported that the average residential home sale price in the area continued on an upswing during May and 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.
For May, the average sale price was $214,736, up 4.6% from a year ago. There were 980 closed sales during May, up from 942 in May 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.