Home prices nationwide increased year over year by 6.3% in September, according to new data from CoreLogic. The company’s Home Price Index also found that prices were up 1.1% over August.
The CoreLogic HPI forecast predicts price increases continuing into next year, although perhaps at a somewhat slower pace; the company predicts that homes prices will increase month over month by 0.3% from September to October, and 5.2% by September of 2017.
“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation.”
“Home-price growth creates wealth for owners with home equity
,” said Anand Nallathambi, president and CEO of CoreLogic. “A 5% rise in home values over the next year would create another $1 trillion in home-equity wealth for homeowners.”
Home prices are continuing their upward march, posting increases both month over month and year over year for September.