Home prices rose by 6.1% year over year in October, and are expected to rise by 5.1% from October 2014 to October 2015, signaling good news for the housing market next year and beyond, the most recent CoreLogic report shows.
Despite home price growth moderating — running at half the pace it was in spring 2014 — pockets of strength exist nationwide, especially in several Texas markets, as well as Seattle and Denver. But many markets show home price appreciation that stands to reach pre-recession levels.
“Based on our projections, home prices in over half the country will have reached or surpassed levels last seen at the height of the housing bubble sometime in mid-2015,” Anand Nallathambi, president and CEO of CoreLogic, said in the report.
Currently, 28 states and the District of Columbia are at or within 10% of their price peak.
Looking year over year, all states showed home price appreciation, including distressed sales, in October 2014. Of the top 100 core based statistical areas (CBSAs) measured by population, 94 showed year-over-year increases in October.
“The gradual recovery of the housing market continues to be propelled by improving employment, more buyer and seller confidence, continued low rates and, in certain parts of the country, investor demand,” Nallathambi said. “The continued actual and projected rise in home prices confirms that fact.
Access the full report here.
Written by Emily Study
