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Triangle home prices rise in August, according to new CoreLogic report

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Home prices in the Triangle continued to rise in August, according to a new report from real estate provider CoreLogic.

Home prices, including distressed sales, increased 6 percent in the Raleigh-Cary market in August compared with the same period a year ago, according to CoreLogic. Prices in the Durham-Chapel Hill market increased 5.6 percent over that same period.

The Triangle price increases continue to be smaller than those being reported nationwide. Prices increased 12.4 percent nationwide in August, the 18th consecutive month that nationwide home prices have risen.

Excluding distressed sales, prices increased 632 percent in Raleigh-Cary and 5.3 percent in Durham-Chapel Hill.

CoreLogic uses a repeat-sales index that tracks increases and decreases in prices for the same homes over time, which it claims provides a more accurate view of pricing trends.

But Triangle homeowners shouldn't assume that their homes have appreciated by the levels being reported by CoreLogic and other data providers.

Price fluctuations vary depending on both location and price point. In the Triangle, lower-price homes in attractive neighborhoods have been benefiting the most during the recovery.

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.