Home prices, which last peaked in April 2006, will reach a new high in April 2017, according to the CoreLogic Home Price Index report, available online.
Meanwhile, home prices in October increased 6.8 percent year-over-year and 1 percent month-over-month. This is the 44th consecutive month of year-over year national home price increases.
A 0.1 percent increase is predicted next month, and a 5.2 percent year-over-year increase is predicted in October 2016, according to CoreLogic.
“Many markets experienced a low inventory of homes offered for sale and strong buyer demand, sustaining upward pressure on home prices,” said Frank Nothaft, chief economist for CoreLogic, in a statement.
On the state level, Colorado recorded the largest year-over-year home price growth in October with a 10.5 percent increase. The lowest home price increase was reported in Nevada, where the HPI in October was still 30.4 percent below the state’s peak price set in March 2006.
