United States home prices in November increased 7.1 percent year-over-year and 1.1 percent month-over-month, according to CoreLogic Home Price Insights Report.
November was the 58th consecutive month of year-over-year increases. Home values in November were 4.1 percent below peak values set in April 2006, and CoreLogic predicts a new peak in October 2017. CoreLogic also predicts year-over-year home price growth to moderate to 4.7 percent in November 2017.
“With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow…” the report said.
Only one state in November showed year-over-year price depreciation—Connecticut, which saw home prices fall 0.5 percent.
The largest year-over-year gains were in Oregon, 10.3 percent; Washington, 10.0 percent; Colorado, 8.8 percent; Idaho, 8.2 percent; and Florida, 7.8 percent. The states furthest from peak values are 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.
