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CoreLogic Reports Home Prices Rose 6.7%, Seventh Monthly Increase
Home prices in February 2018 rose both year over year and month over month. Nationally, the year over year increase was 6.7% from February 2017 to February 2018, and on a month-over-month basis, home prices increased by 1% last month compared with January 2018, according to research by CoreLogic.
The Irvine, CA-based firm’s CoreLogic HPI Forecast indicates that the national home-price index is projected to continue to increase by 4.7% on a year-over-year basis from February 2018 to February 2019, with California leading the climb at a forecasted 10.3% year-over-year change.
CoreLogic’s chief economist Dr. Frank Nothaft says, “A number of western states have had hot housing markets. Idaho, Nevada, Utah and Washington all had home prices up more than 11% over the last year. With the recent rise in mortgage rates, affordability has fallen sharply in these states. We expect home-price growth to slow over the next 12 months, dropping to 5 to 6% in Idaho, Utah and Washington, and slowing to 9.6% in Nevada.”
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