CoreLogic: Yearly increase noted for national home prices
Posted on Wednesday, January 7, 2015 at 8:50:05 AM
The trend of rising home prices has continued, as a recent report from CoreLogic found that prices increased on a yearly basis this past November.
In its November 2014 CoreLogic Home Price Index, the property information provider noted that prices ticked up 5.5 percent during that month between 2013 and 2014. That is good for 33 months in a row with a home price gain. The monthly increase was much smaller, at only 0.1 percent.
In addition, CoreLogic reported that every state had year-over-year price appreciation. Out of that total, 29 states were close - within 10 percent - of their home price peaks. States that achieved new home price highs in November included Colorado, North Dakota and Oklahoma, among others.
According to Redfin, however, the number of homes sold in November dropped by 21 percent. While the obvious cause might be fewer buyers during the colder months, it might actually be closely tied to a declining inventory.
"A lot of buyers who didn't find homes this summer expected to buy during the holiday season when the market usually slows down and there's less competition, but now there are fewer homes for sale," explained Angelica Robles, a San Jose, California-based Redfin agent.
Even so, low residential financing rates, a stronger economy and increased consumer confidence could help spur housing market growth in 2015.