Written by The Business Journal Staff
The latest data from residential real estate analytics firm CoreLogic finds increases in Central Valley home prices for November 2017 were mostly on par with the national average.
In Fresno, home prices — including distressed sales — were up 8.8 percent in November 2017 compared to November 2016. Compared to October 2017, prices were up 0.6 percent in November.
In the Hanford Corcoran area, home prices were up 6.7 percent in November compared to the year prior. They were also up 0.4 percent month-over-month.
In Visalia-Porterville, home prices were up 6 percent in November from the year prior. They were also up 0.4 percent on a month-over basis.
In Madera, November home prices rose 5.8 percent from the year prior, but decreased by 0.2 percent on a month-over basis.
Nationally, home prices were up 7 percent in November 2017 compared to November 2016. They were also up 1 percent on a month-over basis.
Looking ahead, a CoreLogic forecast indicates that home prices will increase by 4.2 percent on a year-over-year basis from November 2017 to November 2018, and on a month-over-month basis home prices are expected to decrease by 0.4 percent from November 2017 to December 2017. The CoreLogic Home Price Index (HPI) Forecast is a projection of home prices using the CoreLogic HPI and other economic variables.
“Rising home prices are good news for home sellers, but add to the challenges that home buyers face,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Growing numbers of first-time buyers find limited for-sale inventory for lower-priced homes, leading to both higher rates of price growth for ‘starter’ homes and further erosion of affordability.”