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.
