February saw increases in home prices both year-over-year and month-over-month, according to CoreLogic – and most of the increase has been from homes in the lower price tiers.
Home prices, inclusive of distressed sales, rose by 7% year over year in February and 1% from January.
Home prices are expected to go up by 4.5% over the next 12 months, according to CoreLogic.
“Home prices continue to grow at a torrid pace so far in 2017 and these gains are likely to continue well into the future,” said Frank Martell, president and CEO of CoreLogic. “Home prices are at peak levels in many major markets and the appreciation is being driven by a number of dynamics—high demand, stronger employment, lean supplies and affordability—that will continue to play out in the coming years. The CoreLogic Home Price Index is projecting an additional 5 percent rise in home prices nationally over the next 12 months.”
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