October House Prices in Valley Rise 1.3% Over Year
YOUNGSTOWN, Ohio – House prices in the Youngstown-Warren-Boardman metropolitan statistical area, including distressed sales, increased by 1.3% in October compared with a year earlier and were down 1.3% from September, the financial analytics firm CoreLogic reports today.
House prices nationwide, including distressed sales, rose 6.8% in October from a year earlier and were up 1.0% from September, according to CoreLogic’s Home Price Index.
CoreLogic forecasts that prices of residences will increase 5.2% from October 2015 to October 2016, and a negligible 0.1% from October to November.
“Many markets have experienced a low inventory of homes for sale along with strong buyer demand, which is sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016,” said Frank Nothaft, chief economist for CoreLogic. “A year from now, as we finish out October 2016, we expect the CoreLogic national Home Price Index appreciation to slow to 5.2%.”
“The rise in home prices over the past few years has largely been a healthy trend. The shadow inventory has been reduced significantly and home equity levels are now approaching pre-recession levels,” said Anand Nallathambi, president and CEO of CoreLogic. “As we move forward, the rise in home prices will need to be better correlated to family income trends over time to avoid homes becoming unaffordable for many. This is especially true in several metropolitan areas where home prices have grown rapidly.”
Copyright 2023 The Business Journal, Youngstown, Ohio.