Triangle home prices still rising, but tracking below national average

North Carolina is within 10 percent of it’s peak home price appreciation at the height of the housing bubble in 2006 and 2007.

Home prices in the Raleigh-Cary and in the Durham-Chapel Hill metro areas increased more than 7 percent in January, according to a CoreLogic report, but the region trails the national average home price increase of 12 percent.

CoreLogic (NYSE: CLGX), a residential real estate data firm, noted also in its Home Price Index report for January that 22 states, including North Carolina, are within 10 percent of their peak home price appreciation at the height of the housing bubble in 2006 and 2007.

“Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” stated Mark Fleming, chief economist for CoreLogic. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”

Home prices in Raleigh, including distressed sales, increased by 7.3 percent in January 2014 compared to January 2013. On a month-over-month basis, home prices increased by 1.4 percent in January 2014 compared to December 2013.

In Durham, home prices, including distressed sales, increased by 7.4 percent in January 2014 compared to January 2013. On a month-over-month basis, home prices increased by 1.4 percent in January.

Nationally, home prices increased 12 percent in January 2014 compared to the year prior, which represents 23 months of consecutive year-over-year increases in home prices nationally, according to Corelogic. On a month-to-month basis, home prices nationwide increased by 0.9 percent in January.

The CoreLogic Pending HPI indicates that February 2014 home prices, including distressed sales, are expected to increase 12.5 percent over the year prior and increase 0.7 percent over the previous month.

Amanda Jones Hoyle covers commercial and residential real estate for the Triangle Business Journal.