House Prices Rise Slightly in Region
YOUNGSTOWN, Ohio – House prices in the Youngstown-Warren-Boardman metro area rose 0.1% in November compared to a year earlier, CoreLogic reports.
On a month-to-month basis, prices dropped 1.7% from October.
The report factors in distressed house sales, which include those in foreclosure, being sold by the original lender or by homeowners owing more than the house can command on the market.
In Ohio, year-over-year sale prices for November increased 4.1%, while Pennsylvania increased 2.8%.
Nationally, house prices increased 7.1% year-over-year in November and 1.1% a month earlier. According to CoreLogic’s Home Price Index projection, house prices will increase about 4.7% from November 2016 to November 2017.
“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,” said CoreLogic Chief Economist Frank Nothaft in a release. “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% year over year by November 2017.”
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.