November home prices rose 1.1 percent from October

Yet again, home prices rose 1.1 percent from month to month.

CoreLogic recently released the November Home Price Index and HPI Forecast by CoreLogic, analyzing November 2016 home prices.

Home prices, both excluding and including distressed sales, rose 1.1 percent from October to November. This is an increase of 7.1 percent compared to November 2015, excluding distressed sales. With distressed sales, this is a 6.3 percent increase.

From November to December, home prices, including and excluding distressed sales, is only expected to see an increase of .1 percent. Home prices in November 2017 are expected to increase 4.7 percent from November 2016. Excluding distressed sales, the increase is only anticipated to be 4.6 percent.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth. With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year-over-year by November 2017,” said CoreLogic’s Chief Economist Dr. Frank Nothaft.

In Pennsylvania, month-over-month, we saw a decrease of .5 percent in home prices from October to November 2016. Compared to November 2015, home prices rose 2.8 percent. CoreLogic predicts that there will be no percent change from November 2016 to December 2016 on home prices. From November 2016 to November 2017, home prices are forecasted to rise 3.8 percent, nearly 1 percent lower than the national average.

Across the country, 14 states, along with Washington, D.C. reached new highs in home prices in November 2016.