It may be a new year, but the first housing data report of 2018 picks up where 2017 left off: Home prices are still rising.
According to new data from CoreLogic
, home prices nationally were up one percent in November from October and up by seven percent from one year earlier. Four states reported double-digit year-over-year house price appreciation in November: Washington (up 12.2 percent), Nevada (up 10.8 percent), Utah (up 10.5 percent) and Idaho (up 10.4 percent).
Looking ahead, CoreLogic is forecasting a 4.2 percent home price increase from November 2017 to November 2018. However, it is predicting a 0.4 percent drop from November 2017 to December 2017. Furthermore, the CoreLogic Market Condition Indicators data analysis of values determined that 37 percent of the top 100 metropolitan areas had overvalued housing stock as of November.
"Without a significant surge in new building and affordable housing stock, the relatively high level of growth in home prices of recent years will continue in most markets," said Frank Martell, President and Chief Executive Officer of CoreLogic. "Although policymakers are increasingly looking for ways to address the lack of affordable housing, much more needs to be done soon to see a significant improvement over the medium term."