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Home Prices on Track to Increase 5 Percent in 2017

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Home Prices on Track to Increase 5 Percent in 2017

More forecasts for housing in 2017 are trickling in, most recently out of CoreLogic, which estimates home prices will increase 4.6 percent by this time next year. Prices this October, according to CoreLogics Home Price Index (HPI), increased 6.7 percent year-over-year, and 1.1 percent month-over-month.

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.

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, says Anand Nallathambi, president and CEO of CoreLogic. Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates. Looking forward to next year, nationwide home prices are expected to climb another 5 percent in many parts of the country to levels approaching the pre-recession peak.

Home prices, according to one measure, have already recovered from the recessionthe S&P CoreLogic Case-Shiller Indices posted a new, post-recession peak in September.

Turning to 2017, other forecasts predict similar movement in prices. Realtor.coms recently released forecast expects prices nationally to increase 3.9 percent, while appreciation to slow 1 percent.

Source: CoreLogic

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