The CoreLogic Home Price Index reported a year-over-year gain of 6.3 percent and a month-over-month gain of 1.1 percent in September.
The United States has experienced annual home price gains for 56 consecutive months. Home prices in September were 5.2 percent below the peak value set in April 2006; CoreLogic predicts a new peak in October 2017.
Home prices are predicted to increase 0.3 in October and 5.2 percent by September 2017, the report said.
“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said CoreLogic Chief Economist Frank Nothaft in a statement.
The largest home price gains were reported in Washington, 10.3 percent; Oregon, 10.1 percent; Colorado, 8.6 percent; Utah, 7.8 percent; and Idaho, 7.7 percent. The states furthest from their peak values are Nevada, down 31.4 percent; Florida, down 22.5 percent; Arizona, down 22.0 percent; Connecticut, down 19.1 percent; and Maryland, down 18.7 percent.
