U.S. home prices increased 1.1% in October compared with September and increased 6.7% compared with October 2015, according to CoreLogic’s home price index report, which includes distressed sales.
Currently, CoreLogic is forecasting that home prices will increase 0.2% from October to November and 4.6% from October 2016 to October 2017.
“While national home prices increased 6.7 percent, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” says Frank Nothaft, chief economist for CoreLogic, in a statement.
“Home prices are continuing to soar across much of the U.S. – led by major metro areas such as Boston, Los Angeles, Miami and Denver. Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates,” adds Anand Nallathambi, president and CEO of CoreLogic. “Looking forward to next year, nationwide home prices are expected to climb another five percent in many parts of the country to levels approaching the pre-recession peak.”