The increase in prices are out pacing buyers ability to save therefore putting homeownership farther out of reach every day they delay.
In a report released on May 2, 2017 by CoreLogic Home Price Index, the global property information analytics, and data-enabled solutions provider, house prices are rising fastest in Los Angeles County, increasing 6.4% in the year ending in March (vs. March 2016).
San Diego-Carlsbad house prices were up 6.2% by comparison to March 2016. In the Inland Empire, prices increased 5.8% from March 2016.
House price gains nationwide,including distressed sales, increased year over year by 7.1% in March 2017compared with March 2016.
Statewide California's gain was 6.1% vs. 2016.
The chart below shows the changes in home prices since 2002. (Click image to enlarge)
Frank Martell, CoreLogic's president and chief executive says, "Price gains were broad-based, with 90% of metro areas posting year-over-year gains."
CoreLogic calculates annual price gains for more than 900 metro areas by comparing the sale price of all SFRs/Condo/Townhomes.
Frank Nothaft, chief economist for CoreLogic, explained what this means for the future of home prices.
"Home prices posted strong gains in March 2017, and the CoreLogic Home Price Index is only 2.8% from its 2006 peak, ". Nationally, price growth has gradually accelerated over the past half-year, while rent growth for single-family rental homes has slowly decelerated over the same period, according to the CoreLogic Single-Family Rental Index, recording a 3% rise over the year through March", he concluded.
Is your home one of the many homes that went up in value? You may find out its current value , here.
Author:Cecil Austria Phone: 760-305-2273 Dated: May 11th 2017 Views: 1,705 About Cecil:
Cecil Austria and Solutions Real Estate are Carlsbad-based realty, serving greater San Diego Cou...
View our latest blog posts in your RSS reader. Click here to access.