Nevada and Idaho recorded double-digit annualized growth in November, with home prices increasing by 11.1 percent and 11 percent, respectively. North Dakota was the only state with negative growth (-2.3 percent) while Louisiana was the only state that was unchanged year-over-year. CoreLogic also determined that 35 percent of the 100 largest metropolitan areas had an overvalued housing market as of November, while 27 percent were undervalued and 38 percent were at value.
Looking forward CoreLogic is forecasting that home prices will increase by 4.8 percent on a year-over-year basis from November 2018 to November 2019, but prices will decrease by 0.8 percent from November to December 2018.
“A strong economy helps homeowners feel confident about the value of their property,” said Frank Martell, President and Chief Executive Officer of CoreLogic. “If recent declines in the stock market shakes consumer confidence in the national economy, we may see homeowners’ perception of home value change and a subsequent buyers’ market emerge in 2019.”