Housing
Home Prices in Colorado, Washington Added Another 10% in October
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Home prices in the United States rose for the 44th consecutive month in October. Compared with October of 2014, home prices rose 6.8%, including the sales of distressed properties. The year-over-year September increase was 6.4%. Month over month, October home prices rose by 1% from September prices, which had risen 0.6% over August prices.
Louisiana and Mississippi were the only two states to post negative home price changes in October. Including sales of distressed properties, sales prices in Mississippi are down 1.7% and Louisiana prices are down 0.2%. Both were the only two states to experience negative changes in September as well.
The data were released Tuesday by CoreLogic in its Home Price Index report for October.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in October were Colorado (10.4%), Washington (10.0%), Oregon (9.1%), South Carolina (9.0%) and New York (8.6%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (10.1%), Oregon (9.5%), New York (9.3%), South Carolina (9.3%) and Washington (8.9%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (30.4%), Florida (28.0%), Arizona (24.7%), Rhode Island (24.1%) and Connecticut (20.7%).
Peak home prices occurred in April 2006 and current prices remain 6.8% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in April 2017.
CoreLogic’s chief economist said:
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. During the year ending October 2016, we expect the CoreLogic national Home Price Index appreciation to slow to 5.2 percent.
CoreLogic has forecast that home prices will rise by 0.1% month over month in November and rise by 5.2% between October 2015 and October 2016. Both projections include distressed sales.
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