A new CoreLogic report shows U.S. home prices continuing their upward trajectory through summer and into autumn this year. Home prices increased 6.2 percent year-over-year in August, which was supported by 1.1 percent growth from the previous month.
“Home prices are now just 6 percent below the nominal peak reached in April 2006,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a press release. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”
National price change courtesy CoreLogic.
Rising prices across the board
At this rate, according CoreLogic president and CEO Anand Nallathambi, home affordability will still be a concern.
“Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply,” he said. “This continued price appreciation is contributing to a growing affordability crisis in many markets around the country.”
Connecticut was the only state to experience negative annual percentage growth in August, dropping 1.1 percent over the year.
Miami home values achieved 7 percent over the year, the report shows. Florida as a whole saw an even higher change in home price, with 7.6 percent growth.
San Francisco and Los Angeles both experienced annual home price growth, at 2.9 percent and 5.9 percent, respectively. California’s annual growth was 5.9 percent in August.
Home prices in Chicago rose 4.8 percent over the year, helping the state of Illinois reach 3.2 percent growth over the year, also.
Washington D.C. home values saw 2.5 percent growth year-over-year in August. Neighboring Maryland seemed to follow suit, experiencing just 1.2 percent home price growth over the year.
The New York City area, which includes Jersey City and White Plains, enjoyed 5.1 percent home price growth year-over-year in August. New York State boosted ahead of the national average, with 6.5 percent growth year-over-year.
Houston home prices increased 4.3 percent over the year, while the state of Texas experienced 6.6 percent growth as a whole.
Washington and Oregon were the only two states to see double-digit growth in home price in August, according to the report. Home prices rose 10.3 percent annually in Oregon and 10.2 percent in Washington.
New York and Florida were the only two states on the eastern seaboard to achieve home price growth above the national figure of 6.2 percent.
