Photo: Loren Kerns/Flickr
While US single-family home prices have yet to reach to pre-recession levels nationally, they did continue to log considerable gains in August. It marked the 55th consecutive month single-family home prices increased, with new highs being recorded in many states.
Single-family home prices, including distressed sales, rose just over 6 percent year-over-year in August. This was a 1.1 percent increase from the previous month. Single-family home prices are now 5.6 percent below the peak values recorded in April 2006, according to new data from analytics firm CoreLogic.
Single-family home prices reached new highs in 18 states, including DC, in August. New York recorded a 6.5 percent year-over-year gain in home price appreciation. In DC, single-family home prices recorded a 2.5 percent increase from last year.
Among the other 18 states recording new highs for single-family home prices were Arkansas, Colorado, Iowa, Indiana, Kentucky, Oregon and Washington.
Connecticut was the only state that recorded negative home appreciation (-1.1 percent) in August. Meanwhile, Alaska recorded the lowest home price appreciation of all the states, at just 0.6 percent.
The largest year-over-year single-family home price appreciation in August was recorded in three West Coast states — Oregon (10.3 percent), Washington (10.2 percent) and Colorado (9.2 percent).
Looking forward, CoreLogic predicts a year-over-year increase of 5.3 percent in single-family home prices nationally. It also anticipates gains of 0.4 percent for September 2016.
“Home prices are now just 6 percent below the nominal peak reached in April 2006. With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017,” wrote Dr. Frank Nothaft, chief economist at CoreLogic, in the report.
Read the full CoreLogic report here.