Nationally, home prices increased 7.2 percent year-to-year in December
From December 2015 to December 2016, single-family home prices saw an increase of 7.2 percent nationally, including distressed sales.
According to CoreLogic’s December U.S. Home Price Insights Report, home prices increased 0.8 percent from November to December of last year. CoreLogic predicts that home prices will see a .1 percent increase from December to January. Year-to-year, prices are expected to rise 4.7 percent by December 2016. Overall, home prices have increased each month since February 2012.
“As of the end of 2016, the CoreLogic national index was 3.9 percent below the peak reached in April 2006. We expect our national index to rise 4.7 percent during 2017, which would put home prices at a new nominal peak before the end of this year.” CoreLogic Chief Economist Dr. Frank Nothaft said.
In 2016, home prices increased 5.6 percent from January to December, but home prices are still 3.9 percent below their highest point in April 2006. In December, 15 states, along with Washington, D.C., reached new highs for home prices. Only one state, Wyoming, saw a decrease in home price appreciation.
In Pennsylvania, residents saw a -0.2 percent change from November, and a 3 percent increase from December 2015. CoreLogic predicts that prices will increase .1 percent next month, and 3.9 percent year-to-year in the commonwealth.
“Last year ended with a bang with home prices up over 7 percent nationally, led largely by major metro areas,” CoreLogic President and CEO Anand Nallathambi said in a press release. “We expect prices to continue to rise just under 5 percent in 2017 buoyed by lack of supply and continued high demand.”