House prices in the Winston-Salem area continued to rise through May, but the pace has been slowing down, according to a report made by CoreLogic on Tuesday. Prices went up by 1.7 percent yearly, down from increasing by 2 percent over the last few months.
Core Logic, a real estate survey company, doesn’t disclose the medium price. The Winston-Salem metropolitan area includes Davidson, Stokes, Yadkin, Forsyth, and Davie counties. The company no longer gives out a breakdown of the home sale price.
The increase in pricing this year was the lowest yearly increase across the five largest metro areas of the state. House prices in the Greensboro-High Point area rose 2.6 percent yearly but dropped by 0.3 percent since April.
Home prices in the Durham Chappel area went up by 5.1 percent yearly and up 1.2 percent compared to April.
In North Carolina, prices went up by 4% yearly. Frank Noshaft, chief economist believes that the robust growth we are currently experiencing in house prices has been sparked by the highest resale activity in the last nine years and a housing inventory that is still a bit low.
In a separate report on housing, Realty Trac has found that the housing market is one of the best in America for buyers, regarding price, but not so much for sellers.
Price growth continues to be broadly observed across the US. The hottest areas to look out for are the Pacific Northwest, with Washington and Oregon in the lead. The recent turbulence on financial markets will probably lead to lower mortgage rates, which in turn will provide momentum for the real estate recovery.
Other factors supporting the home price growth are the development of the job sector and low rates for a mortgage. The only states where there were negative price changes, were Connecticut, where prices went down by 0.9%, New Jersey, down by 0.2% and Pennsylvania, down by 0.1%.
Since the housing crisis in 2008, which actually led to the subprime credit crunch, prices for houses have bounced back and are now showing added value to the owners. Are you planning to buy or sell property in the States? As house prices continue to rise, Please tell us what you think about the value of your house increasing.
Image Source –Pixabay