Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Home prices climbed 6.6% in December: CoreLogic

02/07/2018

Download PDF

CoreLogic today released its Home Price Index (HPI) and HPI Forecast data for December 2017, which boasted 6.6 percent year-over-year growth. December is the fifth consecutive month with year-over-year increases measuring more than 6 percent. Gains were modest month-over-month at 0.5 percent.

CoreLogic

CoreLogic chief economist Dr. Frank Nothaft says rising income matched with consumer confidence and low inventory will continue to result in skyrocketing home value appreciation.

“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years,” he said in the report. “Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

Looking ahead, home prices are expected to increase by 4.3 percent year-over-year by December 2018 and decrease by 0.4 percentage points in January 2018.

CoreLogic

According to CoreLogic’s Market Condition Indicators (MCI) data, 35 percent of the nation’s 100 largest metropolitan areas have overvalued housing stock. Another 28 percent were undervalued, and 37 percent are at value.

Finding and hiring top talent for your team Five best practices to help you find the right hire READ MORE

The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income, explains CoreLogic.

Las Vegas was the most overvalued market with an 11.1 percent year-over-year increase in single-family home prices. Denver, Los Angeles, Miami, Washington, D.C., and Houston were also overvalued with home price growth ranging from 3.6 to 8.0 percent year-over-year.

San Francisco, Boston and Chicago were at value, with home price growth ranging from 3.7 to 10.1 percent year-over-year.

CoreLogic president and CEO Frank Martell says affordability will continue to erode as home prices and the cost of originating loans rise, making it hard for first-time and lower-income buyers to enter the housing market.

About the CoreLogic HPI

The CoreLogic HPI is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends.

Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the “Single-Family Combined” tier representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties.

Email Marian McPherson.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Roomvu makes effective web video marketing fast and affordable

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • 5 work-from-home interior design trends on the rise

    Interior design is central to luxury real estate—it takes a home from concept to comfort. And desi...

  • Show potential buyers everything about a development with Imerza

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Selling the city in 2021

    The lights are coming back on in the city that never sleeps. For much of 2020, I could see how many ...

  • 360 tour provider Peek has big plans for the industry

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The 4 interior architecture trends you should know for 2021

    Interior design has long been a top consideration for luxury buyers—and recently, interior archite...

  • Interest in Instashowing soars: Is it the next ShowingTime?

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Exodus or opportunity? Why your clients should be looking to the city

    In 2020, one of the most transformative trends in the luxury real estate industry was the mass movem...

  • Virtual 3D marketplace All3D is here for real estate

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • 3 tips for preparing a vacation home for sale

    As a real estate agent, my specialty is selling vacation properties in Cape Cod. I also live in the ...

March 2021
Mon Tue Wed Thu Fri Sat Sun
1234567
891011121314
15161718192021
22232425262728
293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...