Home Prices Continue to Rise, but Should Level Off
For the past two years, mortgage brokers nationwide have been seeing increasingly greater increases in home prices. In February, the average price of a home was up 12.2 percent over February of 2013. This was also .8 percent over the previous month.
The greatest rises in price were experienced in California, which saw an appreciation of 19.8 percent, Nevada, with 18.5 percent, Georgia, with 14.2 percent, Oregon, with 13.8 percent, and Michigan, with 13.5 percent. Meanwhile, there were no states reporting a negative annual appreciation.
According to CoreLogic president and CEO Anand Nallathambi, “The consistent upward movement in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy.” With this in mind, and considering the continued lack of home inventory, CoreLogic is expecting prices to continue to rise throughout the year, but at a more moderate pace.
Source: http://www.mortgagenewsdaily.com/04012014_corelogic_hpi.asp
