Home Prices Up 7 From Last Year

Dated: 12/06/2017

Views: 44

Image title


According to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand.

CoreLogic’s Chief Economist Frank Nothaft elaborated on the significance of such a large year-over-year gain, 

“Single-family residential sales and prices continued to heat up in October. On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014.

This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”

This is great news for homeowners who have gained over $13,000 in equity in their home over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream home.

CoreLogic’s President & CEO Frank Martell had this to say,

“The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk. However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges.”

Any time the price of a home goes up there will likely be concern about the affordability of that home, but there is good news. Mortgage interest rates remain at historic lows, allowing buyers to enter the housing market and lock in a low monthly housing cost.

Read More>>https://goo.gl/u3sbt2

Blog author image

Julie Pruitt

I have that typical “I went on vacation and fell in love with the area and so we moved here” story. Hi, my name is Julie Pruitt and I am a proud Texas native. Prior to moving to Santa Rosa Beach, ....

Latest Blog Posts

30A West End Days On Market Decreasing

The average number of days that residential properties remain on the market has been trending lower for 3 consecutive months and is now less than 78 days for homes on the West End of 30A - see

Read More

Neighborhood Gross Rental Averages

I just spent some time pulling rental data. Im not going to write much about it... What I did was grab 5 various homes in each neighborhood, and the gross rental projections for each. If you

Read More

What Is Your Beach Home Decore

Beach homes are treasured for their kick off your shoes vibes. It’s a place where you can relax, enjoy the views and have fun. To do all that...decore is key. Create a coastal feel that is

Read More

Walton County Stats

A common comment I get from people is "I wish I bough 2, 4, 6 years ago." Lets look at a few quick stats from the past year. The second home market is much stronger now than it was but it is

Read More