Home Prices Rose 6.7% in October: CoreLogic

Mortgage

Home price increases in the country’s largest states fueled price appreciation nationwide in October, according to CoreLogic.

Nationwide, home prices rose 6.7% year over year, including distressed sales. On a monthly basis, prices increased 1.1%.

Washington had the largest gain of any state with a 10.5% uptick, while Connecticut was the only state to experience price depreciation in October with a 0.7% decrease.

While prices rose nearly across the board, few states experienced price appreciation in excess of the national average.

“While national home prices increased 6.7%, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” Frank Nothaft, chief economist for CoreLogic, said in a news release Tuesday.

In addition to Washington, these states include Colorado, Florida, Idaho, New York, Oregon, South Dakota and Utah.

CoreLogic also forecasts prices will rise 4.6% year over year between October 2016 and October 2017. In November, CoreLogic expects home prices will have risen 0.2% from the level set in October.

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