Home prices nationwide, including distressed sales, increased year over year by 6.2 percent in August 2016 compared with August 2015 and increased month over month by 1.1 percent in August 2016 compared with July 2016,* according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from August 2016 to August 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from August 2016 to September 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
CoreLogic released their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months.
Here are state maps for each category:
The Past – home appreciation over the last 12 months
The Present – home appreciation over the last month
The Future – home appreciation projected over the next 12 months
Bottom Line on Home Prices
Homes across the country are appreciating at different rates. If you plan on relocating to another state and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster. Can you save a down payment as fast as home prices are projected to increase? If not, now is a good time to buy. Call me today to see what your payment would look like at today’s home prices.