In what is getting to be the most predictable housing story of the year, home prices ascended once again, this time in a 6.7 percent year-over-year increase during October, according to new data from CoreLogic. On a month-by-month measurement, prices were up 1.1 percent from September to October.
Washington led the states with the only double-digit year-over-year home price increase in October, recording a 10.5 percent spike, with Oregon coming in second at 9.9 percent. Connecticut was the sole state that showed negative price movement, registering a 0.7 percent drop. CoreLogic is forecasting home prices will rise even further, with a 4.6 percent increase from October 2016 to October 2017 and a 0.2 percent uptick from October to November of this year.
“Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami and Denver. Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates,” said Anand Nallathambi, president and CEO of CoreLogic.
Source CoreLogic October 2016