Photo: Doug Kerr/Flickr
Although they’re no longer posting double-digit gains, US single-family home prices continued to rise in September. It was the 56th consecutive month of price gains, according to new data released today by the real estate data firm CoreLogic.
National single-family home prices, including distressed sales, increased 6.3 percent from last year. A distressed sale is the sale of a property in an expedited manner and usually at a monetary loss. Prices were up 1.1 percent from the previous month in September.
Excluding distressed sales, national single-family home prices rose by 1 percent month-over-month and 5.8 percent year-over-year.
National single-family home prices are currently 5.2 percent lower than the peak values recorded in April 2006.
Home prices rose to new highs in 15 states, including DC. Meanwhile, only two states recorded negative appreciation — Alaska and Connecticut.
New York State recorded 6.8 percent year-over-year price gains — the fifth highest in the country, excluding distressed sales.
The largest year-over-year gains were recorded in Washington state — 10.3 percent including distressed sales and 9.7 percent excluding distressed sales.
Single-family home prices in Nevada were 31.4 percent below peak values in September, the lowest of all 50 states.
CoreLogic anticipates 0.3 percent month-over-month price gains, both including and excluding distressed sales.
Gains of 5.2 percent and 5 percent are projected year-over-year, including and excluding distressed sales, respectively. National single-family home prices are expected to reach a new peak level in October 2017, CoreLogic says.
To view the entire CoreLogic report, click here.