October home prices grew 7 percent year-over-year and 0.9 percent month-over-month, according to CoreLogic Home Price Insights.
This has been the fourth consecutive month of annual gains above 6 percent, the longest streak since June 2014. The state with the highest increases was Washington, up 12.5 percent. It was followed by Nevada and Utah, which both showed an increase of 10.1 percent. West Virginia showed the lowest gain with 0.4 percent.
CoreLogic predicts home price gains will moderate in the future, with a forecasted decrease of 0.2 percent in November and a year-over-year increase of 4.2 percent in October 2018.
“Single-family residential sales and prices continued to heat up in October,” said CoreLogic Chief Economist Frank Nothaft in a statement. “This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”
