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The latest affirmation that the housing market ended 2015 on an up note comes from CoreLogic, which is reporting that home prices experienced a 6.3 percent year-over-year spike in December, as well as a 0.8 percent uptick from November.
Among the states, Colorado had the most dramatic year-over-year home price appreciation with 10.4 percent, followed by Washington with 10.3 percent and Oregon at 9.1 percent, while Louisiana and Mississippi were at the other end of the spectrum with 2.9 percent and 2.8 percent depreciations, respectively. The San Francisco metro area’s 12.9 percent year-over-year home price hike was the greatest among the major metropolitan markets, with Denver coming in second at 11.4 percent.
Furthermore, CoreLogic is forecasting a 5.4 percent home price increase from December 2015 to December 2016, along with a 0.2 percent rise from December 2015 into January 2016.
“Higher property valuations appear to be driving up single-family construction as we head into the spring,” said Anand Nallathambi, president and CEO of CoreLogic. “Additional housing stock, especially in urban centers on the coasts such as San Francisco, could help to temper home price growth in the longer term. In the short and medium term, local markets with strong employment growth are likely to experience a continued rise in home sales and price growth well above the U.S. average.”