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Triad home prices remain on uptick in September

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Home prices in and around Winston-Salem remained on a sharp uptick during September, fueling a solid seller's market, according to national real-estate research company CoreLogic.

Prices in Forsyth, Davidson, Davie, Stokes and Yadkin counties climbed 7.4% year-over-year in September, 7.2% in August and 6.3% in July.

Of North Carolina’s five main metro areas, only Charlotte-Gastonia-Concord was higher in September at 7.8%.

CoreLogic does not disclose a median house price.

When excluding distressed and foreclosed houses, local prices were up year over year 7.8% in September, compared with 7.4% in August and 6.2% in July.

By comparison, home prices in the Greensboro-High Point MSA increased 6.9% in September, 6.2% in August and 6.3% in July. When excluding distressed and foreclosed houses, prices rose 6.9% in September, 6% in August and 5.9% in July.

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.

“Housing continues to be a bright spot during an otherwise challenging economic time for many U.S. households,” said Frank Martell, president and chief executive of CoreLogic.

“Those in sectors that weathered the transition to remote work successfully are now able to take advantage of low mortgage rates to purchase a home for the first time or to trade up to a larger home.”

Home prices in the Charlotte-Concord-Gastonia MSA increased 7.8% in September, 7.3% in August and 6.7% in July. When excluding distressed and foreclosed houses, prices rose 7.6% in September, 7.2% in August and 6.5% in July.

In the Durham-Chapel Hill MSA, home prices rose 5.9% in September, 5.2% in August and 4.8% in July. When excluding distressed and foreclosed houses, prices rose 6% in September, 5.4% in August and 4.8% in July.

In the Raleigh-Cary MSA, home prices were up 5.3% in September, 4.2% in August and 4.6% in July. When excluding distressed and foreclosed houses, prices rose 5.4% in September, 4.2% in August and 4.5% in July.

Frank Nothaft, chief economist at CoreLogic, said the COVID-19 pandemic "has contributed to the acute shortage of inventory, as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic.”

"Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes. If the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.”

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@rcraverWSJ

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