Home prices increased 7.1 percent between November 2015–2016, according to the CoreLogic Home Price Index.
Home prices increased 7.1 percent between November 2015–2016, according to the CoreLogic Home Price Index.
Home prices increased 1.1 percent month-over-month in November, the report said.
CoreLogic predicts a 4.7 percent annual gain in home prices come November 2017 and a 0.1 percent month-over-month increase in December 2016.
“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” said Frank Nothaft, CoreLogic chief economist.
The largest year-over-year home price gains in November were in Oregon, 10.3 percent; Washington, 10 percent; Colorado, 8.8 percent; Idaho, 8.2 percent; and Florida, 7.8 percent.
The states furthest from their peak values in November were Nevada, down 31.7 percent; Florida, down 21.6 percent; Arizona, down 21.4 percent; Connecticut, down 20.1 percent; and Maryland, down 18.7 percent.