CoreLogic’s U.S. Home Price Insights Report for October showed that home prices rose by 1% over September nationally when including distressed sales. Compared to October 2014, home prices were 6.8% higher making it the 44th-consecutive month of year-over-year increases. On a state level, Idaho (+6.9%), Montana (+3.7%), Washington (+9.6%), and Wyoming (+4.3%) also had year-over-year increases in home prices.
Dr. Frank Nothaft, CoreLogic’s Chief Economist, stated, “Many markets experienced a low inventory of homes offered for sale and strong buyer demand, sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016 [sic] During the year ending October 2016, we expect the CoreLogic national Home Price Index appreciation to slow to 5.2 percent.”
The State of Wyoming was included in the ten states identified as reaching new home price peaks in October. Nationally, single-family home prices were 6.8% lower than their peak value in April 2006. Nevertheless, CoreLogic forecasts the next peak in national single-family home prices to occur in April 2017. Read the full report at http://bit.ly/1NQdT9z.