The growth in the price of existing homes in the Winston-Salem metro area remained on a downward pattern during November, according to a report released Tuesday by national real estate research firm CoreLogic.
The Winston-Salem area’s home prices rose by 12.9% year-over-year, compared with 14.8% in October and 15.4% in September. The metro area consists of Forsyth, Davidson, Davie, Stokes and Yadkin counties.
When excluding distressed and foreclosed houses, Winston-Salem area prices were up 12.8%, compared with up 14.5% in October and up 15.3% in September.
Meanwhile, home prices in the Greensboro-High Point metro area increased 12.7% year-over-year, compared with up 13% in October and 14.3% in September.
When excluding distressed and foreclosed houses, prices rose 12.8%, compared with up 13.2% in October and up 14.4% in September.
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The Winston-Salem metro had the second-highest growth rate among the state’s five metro areas, while Greensboro-High Point was third.
Prices in the Charlotte-Concord-Gastonia area increased 12.9% year-over-year in November, compared with increasing 15% year-over-year in October.
Prices in the Durham-Chapel Hill area increased 10.8% year-over-year in November, compared with being up 13.4% year-over-year in October.
Prices in the Raleigh-Cary MSA increased 10.6% year-over-year in November, compared with increasing 13.8% year-over-year in October.
“Although home price growth has been slowing rapidly and will continue to do so in 2023, strong gains in the first half of last year suggest that total 2022 appreciation was only slightly lower than that recorded in 2021,” said Selma Hepp, deputy chief economist at CoreLogic.
“However, 2023 will present its own challenges, as consumers remain wary of both the housing market and the overall economic outlook.”
Hepp said that while the recent decline in mortgage rates “may bode well for the housing market, potential homebuyers are grappling with the idea of buying amid possible further price declines and a continued inventory shortage.”
“Nevertheless, with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.”
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