Banking & Finance

House Prices Make Gains in February

YOUNGSTOWN, Ohio – House prices in the Youngstown-Warren-Boardman area in February rose from both a year earlier and the prior month, California-based CoreLogic reports.

Local house sales, including distressed sales, increased 5.3% in February compared to a year earlier, according to the financial data provider. On a month-over-month basis, sales were 0.4% higher than January.

The increase  reflected the national trend. The  prices of houses nationwide, including distressed sales, increased year over year by 6.8% in February compared with February 2015 and increased month over month by 1.1% in February compared to January.

“Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period,” said Dr. Frank Nothaft, chief economist for CoreLogic. “These economic forces will sustain home purchases during the spring and support the 5.2% home price appreciation CoreLogic has projected for the next year.”

“Home prices continue to rise across the U.S. with every state posting year-over-year gains during the last 12 months,” said Anand Nallathambi, president and CEO of CoreLogic. “Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000.”

Nationally, sale prices month-to-month are projected to increase 0.6% from February to March.

Published by The Business Journal, Youngstown, Ohio.