Home prices in the Winston-Salem area remained a decidedly seller's marketplace during October, rising at a 9% year-over-year clip, national real-estate research company CoreLogic reported Tuesday.
Prices in Forsyth, Davidson, Davie, Stokes and Yadkin counties have been on a pronounced upward trend during the COVID-19 pandemic, also climbing by 7.4% year-over-year in September and 7.2% in August.
The Winston-Salem area led the North Carolina’s five main metro areas for the October period.
CoreLogic does not disclose a median house price.
When excluding distressed and foreclosed houses, local prices were up year over year 9.2% in October, 7.8% in September and 7.4% in August.
By comparison, home prices in the Greensboro-High Point MSA increased 8.5% in October, 6.9% in September and 6.2% in August. When excluding distressed and foreclosed houses, prices rose 8.4% in October, 6.9% in September and 6% in August.
“Home buyers have been spurred by record-low mortgage rates and an urgency to buy or upgrade to more space, especially as much of the American workforce continues to work from home,” said Frank Martell, CoreLogic's president and chief executive.
“First-time buyers in particular should remain a big part of next year’s home purchases, as the largest wave of millennials is heading into prime home-buying years.”
The Winston-Salem Association of Realtors reported that the median sales price of a house in Forsyth was $244,924 in September, $246,416 in August and $207,261 in September 2019.
There were 892 closed sales in Forsyth during September, compared with 904 in August and 772 in September 2019.
Home prices in the Charlotte-Concord-Gastonia MSA increased 8.3% in October, 7.8% in September and 7.3% in August. When excluding distressed and foreclosed houses, prices rose 8.1% in October, 7.6% in September and 7.2% in August.
In the Durham-Chapel Hill MSA, home prices rose 7.3% in October, 5.9% in September and 5.2% in August. When excluding distressed and foreclosed houses, prices rose 7.2% in October, 6% in September and 5.4% in August.
In the Raleigh-Cary MSA, home prices were up 5.9% in October, 5.3% in September and 4.2% in August. When excluding distressed and foreclosed houses, prices rose 6% in October, 5.4% in September and 4.2% in August.
“The pandemic has shifted home buyer interest toward detached, rather than attached, homes,” said Frank Nothaft, chief economist at CoreLogic.
“Detached homes offer more living space and are typically located in less densely populated neighborhoods. While prices of single-family detached homes posted an annual increase of 7.9% in October, the price of attached homes rose only 4.5% year over year.”
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