As the economic recovery has sputtered along in recent years, those looking for signs of progress have focused intensely on two metrics: the unemployment rate and housing prices.
Much of the investor optimism about the economy is now being fueled by various measurements showing housing prices surging across the country. Just this week CoreLogic, one of several real estate data providers that tracks home prices around the country, reported that prices rose 12.1 percent in April compared to the period a year ago.
The Triangle market, while not experiencing double-digit growth, is also seeing solid appreciation, according to CoreLogic. Home prices, including distressed sales, increased 4.4 percent in the Raleigh-Cary market in April while Durham-Chapel Hill market increased 5.3 percent.
It can be tantalizing to view these numbers as having the finality of a company’s stock price, with sellers assuming they will now be able to get X percent more for their home.
But, in the same way that a lower unemployment rate doesn’t necessary mean an unemployed person’s job prospects have improved, the reality is more complicated.
Real Deals: Home prices surge despite sluggish wage growth | Real Deals | NewsObserver.com.