Home Prices Continue to Rise
More Is Predicted for 2018, Home buyers on a budget may want to have a seat and take a few deep breaths. Home prices around the country are continuing to surge—and they're not likely to slow down any time soon.
They shot up 6.6% year over year in December, according to CoreLogic's most recent Home Price Index and Home Price Forecast. The real estate data company predicts prices will continue climbing, increasing an additional 4.3% by the end of 2018.
And Mortgage rates are steadily rising, Heading into the spring buying season, the supply of homes remains at record lows, which presses home prices higher throughout the country. 'Rising income and consumer confidence has increased the number of prospective home buyers
The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices. (Overvalued markets are where prices are at least 10% more than typical, sustainable levels.) An additional 28% were deemed undervalued, while 37% were priced just right.
The priciest markets are still in the Western swath of the nation, and prices are still going up. The cost to buy a home in December surged 11.2% over the year before in the Las Vegas metro; 10.1% in the San Francisco metro; and 8.1% in the Denver metro. That adds up.
'There's such a lack of inventory,'and 'People are paying above appraisals.'
The states with the biggest annual price jumps were Washington, at 12%; Nevada, at 11%; and Idaho and Utah, at 10.7%. Rhode Island and California both saw 8.2% increases, while prices were up 8.1% in Maine and 8% in Colorado.
Alaska had the smallest bump, at 1.6%, followed by 1.7% in Oklahoma and 1.9% in Connecticut.
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