Greensboro, N.C., home prices increased by 3.34% from January 2017 to January 2018, according to a new report from CoreLogic.
CoreLogic, which tracks prices and compiles an index based on real estate trends and a variety of economic factors, said the real estate market in Greensboro is "undervalued".
That means homes are typically being sold at lower prices than the market can sustain over the long term given the local unemployment rate, median income and other factors, the Irvine, Calif.-based company reported Tuesday.
By comparison, many of the most "overvalued" markets have seen much more significant home price growth in the past year, CoreLogic reported. "Overvalued" suggests that the market can't sustain heavy growth rates given the existing market conditions, CoreLogic reports.
Three of the top five fast-growth markets in the country are considered overvalued while two were considered at value, meaning their home prices are generally reasonable given economic conditions.
Those five markets are Las Vegas-Henderson-Paradise, San Francisco-Redwood City-South San Francisco, Denver-Aurora-Lakewood, Los Angeles-Long Beach-Glendale and Boston.
North Carolina's home price index grew by 5.8% overall from January 2017 through January 2018, according to the report.
Greensboro's home prices have increased 0.1% month-over-month from December 2017 to January 2018. Home prices were 0.65% below their previous peak as of January, CoreLogic reported.
Nationwide, home prices increased by 6.6% from January 2017 to January 2018 and CoreLogic forecasts that the national home price index will increase by 4.8% through January 2019. That includes a predicted 7% increase for California, Florida, Nevada and Oregon.
