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At the risk of stating the obvious: Home prices are up. This fact is reaffirmed in CoreLogic’s latest Home Price Index (HPI) data, which found home prices nationwide in October, including distressed sales, were up 6.8 percent on a year-over-year measurement and up one percent from September.
Every state experienced year-over-year home price spikes in October except for Louisiana and Mississippi, with Colorado leading the nation with a 10.5 percent increase. The Dallas-Plano-Irving market in Texas saw the greatest year-over-year metro area activity during the month, with a 9.1 percent jump in home prices.
Furthermore, CoreLogic’s HPI Forecast is projecting a 5.2 increase in home prices from October 2015 to October 2016. Frank Nothaft, chief economist for CoreLogic, explained that upward pressure on home prices is being fueled by a vibrant buyer base facing a low inventory.
“These conditions are likely to persist as we enter 2016,” said Nothaft. “A year from now, as we finish out October 2016, we expect the CoreLogic national Home Price Index appreciation to slow to 5.2 percent.”