Home prices in the United States rose for the 58th consecutive month in November. Compared with November of 2015, home prices rose 7.1%, including the sales of distressed properties. The year-over-year October increase was 6.7%. November home prices rose by 1.1% from October prices, which had also risen 1.1% month over month.
Only one state posted negative home price changes in November: Connecticut, down 0.5%. Home prices reached new highs in the District of Columbia and 14 states: Arkansas, Colorado, Georgia, Hawaii, Louisiana, Montana, North Carolina, New York, Oregon, Tennessee, Texas, Utah, Vermont and Washington.
The data were released Tuesday by CoreLogic in its Home Price Insights Report for November.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in November were Oregon (10.3%), Washington (10.0%), Colorado (8.8%), Idaho (8.2%) and Florida (7.8%).
CoreLogic chief economist Frank Nothaft said:
Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth. With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year over year by November 2017.
All the more reason, perhaps, to consider selling your home in 2017.
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Oregon (9.5%), Washington (9.3%), Colorado (8.4%), Idaho (7.8%) and New York (7.7%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (31.7%), Florida (21.6%), Arizona (21.4%), Connecticut (20.1%) and Maryland (18.7%).
Peak home prices occurred in April 2006, and current prices remain 4.1% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in October 2017.
CoreLogic has forecast that home prices will rise 0.1% month over month in December and rise by 4.7% between November 2016 and November 2017. Both projections include distressed sales.