Single-family home sales prices in the Orlando-Kissimmee-Sanford metro area were up 7.4 percent in October when compared with a year earlier, and inched up 0.5 percent when compared with September, according to a new CoreLogic Inc. report.
Florida's year-over-year home price increase for October was the seventh-highest in the country at 7.8 percent, putting it in the top 15 percent in the nation, the report showed. Home prices nationwide increased year over year by 6.7 percent in October and increased 1.1 percent from September to October.
“While national home prices increased 6.7 percent, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” CoreLogic Chief Economist Frank Nothaft said in a prepared statement.
Meanwhile, CoreLogic forecasted another increase of 4.6 percent by October 2017. Month over month, home prices are expected to increase by 0.2 percent to November 2017. “Home prices are continuing to soar across much of the U.S., led by major metro areas such as Boston, Los Angeles, Miami and Denver,” CoreLogic President and CEO Anand Nallathambi said in a prepared statement.
Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates. Looking forward to next year, nationwide home prices are expected to climb another 5 percent in many parts of the country to levels approaching the pre-recession peak.
Kathryn Deen, Staff Writer - Orlando Business Journal
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