Home prices during November increased 3.7 percent year-over-year and increased by 0.5 percent from October, according to new data from CoreLogic
During November, Idaho was the only state to record double-digit year-over-year home price increases, rising by 10.2 percent, while Connecticut was the only state with negative growth via its 0.1 percent decline. CoreLogic also determined that 34 percent of nation’s 100 largest metropolitan areas had an overvalued housing market as of November, while 39 percent were at value and 27 percent were undervalued.
Looking ahead, CoreLogic forecasted annual price growth will be 5.3 percent from November 2019 to November 2020 and will inch up by 0.2 percent November 2019 to December 2019, which would mark a new peak in prices since the last recorded peak in April 2006.
“The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer,” said Frank Nothaft, chief economist at CoreLogic. “Growth in the U.S. index quickened in November and posted the largest 12-month gain since February. The decline in mortgage rates, down more than one percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices.”