CoreLogic September Home Price Index Soars 7%

November 7, 2017 by Paul Ausick

U.S. home prices rose 7% in September compared with the same month a year ago, according to CoreLogic. The research firm had previously forecast a rise of 4.7%, more in line with the index jumps in for the first three months of the year. The data include sales of distressed properties.

Month over month, prices rose 0.9% in September, including distressed home sales. CoreLogic expects October housing prices to rise by 4.7% year over year and to dip by 0.1% month over month.

CEO Frank Martell noted:

A strengthening economy, healthy consumer balance sheets and low mortgage interest rates are supporting the continued strong demand for residential real estate. While demand and home price growth is in a sweet spot, a third of metropolitan markets are overvalued and this will become more of an issue if prices continue to rise next year as we anticipate.

Chief economist Frank Nothaft added:

Heading into the fall, home price growth continues to grow at a brisk pace. This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices. The CoreLogic Single-Family Rent Index rose about 3 percent over the last year, less than half the rise in the national Home Price Index.

Including distressed sales, home prices rose the most in Utah (10.5%) and Washington (12.5%).

The 10 U.S. metropolitan areas posting the largest increases were:

  1. Las Vegas: 9.7%
  2. Denver: 8.4%
  3. Los Angeles: 7.1%
  4. Boston: 7.0%
  5. San Francisco: 6.4%
  6. Miami: 5.5%
  7. Washington, D.C.: 4.6%
  8. New York City: 4.5%
  9. Chicago: 4.0%
  10. Houston: 3.3%

See the CoreLogic September report.

Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)

Take the quiz below to get matched with a financial advisor today.

Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.

Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future

Take the retirement quiz right here.