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Winston-Salem area home price hikes top N.C. metros in February
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Winston-Salem area home price hikes top N.C. metros in February

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There is a low supply of homes for sale in the United States, resulting in fewer opportunities to buy. This is making it difficult for potential homeowners to secure a home. Source by: Stringr

The Winston-Salem area ranked first among North Carolina’s five main metro areas for rising home prices in February.

Home prices in the area rose at an 11.8% year-over-year clip, national real-estate research firm CoreLogic said 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 10.8% year-over-year in January.

CoreLogic does not disclose a median house price.

When excluding distressed and foreclosed houses, Winston-Salem area prices were up year over year 11.2% in February and 10.3% in January.

By comparison, home prices in the Greensboro-High Point MSA increased 10.6% in February and 11.7% in January. The January price increase was tops among the five N.C. metros.

When excluding distressed and foreclosed houses, prices rose 10% in February and 11.1% in January.

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“Homebuyers are experiencing the most competitive housing market we’ve seen since the Great Recession,” said Frank Martell, president and chief executive of CoreLogic.

“Rising mortgage rates and severe supply constraints are pushing already-overheated home prices out of reach for some prospective buyers, especially in more expensive metro areas.

“As affordability challenges persist, we may see more potential homebuyers priced out of the market and a possible slowing of price growth on the horizon,” Martell said.

The Winston-Salem Association of Realtors reported Tuesday that the median sales price in Forsyth County was $260,010 in February and $230,448 in January.

By comparison, the median sales price was $207,387 in February 2020 and $201,344 in January 2020.

The median sales price has been above $240,000 for six of the past seven months.

The association reported 672 closed sales in Forsyth during February, compared with 569 a year ago. The January closed sales totals were 686, up from 585 a year ago.

“The run-up in home prices is good news for current homeowners, but sobering for prospective buyers,” said Frank Nothaft, chief economist at CoreLogic.

“Those looking to buy need to save for a down payment, closing costs and cash reserves, all of which are much higher as home prices go up.

“Add to that a rise in mortgage rates, and the affordability challenge for first-time buyers becomes even greater.”

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