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published on January 3, 2017 - 5:32 AM
Written by The Business Journal Staff
Home prices in the Central Valley continued to improve in November, according to new data from real estate tracking firm CoreLogic.

 

Home prices in Fresno, including distressed sales, were up by 5.9 percent in November compared to last year, and also up 0.5 percent month-over-month.

In the Hanford-Corcoran region, home prices were up 6.3 percent in November compared to last year, and also up 0.5 percent month-over-month.

In Madera, home prices were up 9.8 percent in November over last year, but fell 0.1 percent month-over-month.

In the Visalia-Porterville area, prices were up 7.4 percent in November compared to last year, and also up 0.3 percent month-over-month.

Nationally, home prices were up 7.1 percent in November compared to last year, and up 1.1 percent month-over month.

The CoreLogic Home Price Index Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from November 2016 to November 2017, and on a month-over-month basis home prices are expected to increase by 0.1 percent from November 2016 to December 2016.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year over year by November 2017.”


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