Examining Home Price Growth

first_imgHome / Daily Dose / Examining Home Price Growth Tagged with: Home Price Housing Market 2019 Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Share 1Save Home Price Housing Market 2019 2019-10-01 Mike Albanese Related Articles CoreLogic’s Home Price Index Report (HPI) reveals home prices nationally rose 3.6% annually in August are expected to rise 5.8% over the next year. August’s HPI gain was down, though, from August 2018’s gain of 5.5% and was a slight increase of the prior month’s increase of 3.3%. CoreLogic states home prices have been increasing between 3.2% to 3.6% for the past six months, “indicating that the range of home price growth has plateaued.” The lowest price housing tier saw home prices rise 5.5% year-over-year in August 2019, compared to 4.5% growth for the low-to middle-price tier and 3.9% for the middle-to moderate-price tier. Prices for higher priced homes rose 3.2%. Overall, the HPI has increased annually every month since February 2012 and has gained 61.9% since hitting bottom in March 2011. According to CoreLogic, as of August 2019 the overall HPI was 9% higher than its pre-crisis peak in April 2006. Idaho led the nation in appreciation for the eleventh-consecutive month, with annual appreciate of 11.6% in August. Connecticut was the only state with home price depreciation in August, falling 0.5% from last August. Home prices in 41 states, including the District of Columbia, are higher than their normal pre-crisis peaks. California, Idaho, and Michigan surpassed their normal pre-crisis peak as of August 2019.Connecticut’s home prices in August were the farthest below its all-time HPI high—16.3% below the July 2006 peak. While home prices continue to rise, First American’s House Price Index reported last month that consumer home-buying power increased 0.5% from the previous month. The average household income increased 2.4% since last year and nearly 57% since January 2000.Mark Fleming, Chief Economist at First American, said fall is the end of homebuying season and affordability saw improvements. “The decline in mortgage rates alone increased house-buying power by $23,900 since March 2019. Over the same period, household income grew by 0.4%, boosting consumer house-buying power by $1,600,” Fleming said. Overall, Fleming said, consumer house-buying power grew by $25,500 in July compared to March. Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Mike Albanesecenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago October 1, 2019 984 Views Demand Propels Home Prices Upward 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Demand for Fannie Mae CIRT—’Among the Strongest Ever’ Next: Fannie and Freddie Bearing More Disaster Risk Examining Home Price Growth Demand Propels Home Prices Upward 2 days ago Subscribelast_img

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