In 2016, national home prices for single-family homes, including distressed sales, gained 7.2 percent year-over-year, according to CoreLogic’s just-released final figures for last year.
The forecast for 2017 is not as rosy, but maintains a higher trajectory. Home prices are forecast to rise by 4.7 percent by December 2017, CoreLogic said.
The U.S. has now seen 59 consecutive months of year-over-year increases. But the national increase is no longer posting double-digits, indicating an easing of home prices increases.
“Last year ended with a bang with home prices up over 7 percent nationally, led largely by major metro areas,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect prices to continue to rise just under 5 percent in 2017 buoyed by lack of supply and continued high demand.”
In December, home prices reached new highs in the District of Columbia and 15 states: Arkansas, Colorado, Georgia, Hawaii, Indiana, Louisiana, Massachusetts, Montana, New York, Oregon, Tennessee, Texas, Utah, Vermont and Washington. Only one state posted negative home price changes in December: Wyoming, down 0.3 percent.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in December were Washington (10.8 percent), Oregon (10.3 percent), Idaho (9.0 percent), Colorado (8.9 percent) and Utah (8.0 percent).