A new CoreLogic report shows U.S. home prices continuing their upward trajectory through summer and into autumn this year. Home prices increased 6.2 percent year-over-year in August, which was supported by 1.1 percent growth from the previous month. "Home prices are now just 6 percent below the nominal peak reached in April 2006,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a press release. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017." National price change courtesy CoreLogic. Rising prices across the board At this rate, according CoreLogic president and CEO Anand Nallathambi, home affordability will still be a concern. "Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply,” he said. “This continued price appreciation is contributing to a growing affordability crisis in many markets around the country." ...
- Home prices across the country rose 6.2 percent year-over-year in August.
- Connecticut was the only state to experience negative growth in August.
- Florida and New York were the only states on the eastern seaboard to achieve home price growth higher than the national average.