Home prices in Asheville increase 9.1 percent year over year

Press release from CoreLogic:

IRVINE, Calif., April 4, 2017 – CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2017 which shows home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 7 percent in February 2017 compared with February 2016 and increased month over month by 1 percent in February 2017 compared with January 2017,* according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.7 percent on a year-over-year basis from February 2017 to February 2018, and on a month-over-month basis home prices are expected to increase by 0.4 percent from February 2017 to March 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland and Denver,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The rise in housing costs has been largest for lower-tier-priced homes. For example, from December to February in Seattle, the CoreLogic Home Price Index rose 12 percent and our single-family rent index rose 6 percent for all price tiers compared with the same period a year earlier. However, when looking at only lower-cost homes in Seattle, the price increase was 13 percent and the rent increase was 7 percent.”

“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.”

Home Prices in Asheville Increase

In Asheville, home prices, including distressed sales, increased by 9.1 percent in February 2017 compared with February 2016. On a month-over-month basis, home prices, including distressed sales, increased by 1.6 percent in February 2017 compared with January 2017.

SHARE
About Virginia Daffron
Managing editor, lover of mountains, native of WNC. Follow me @virginiadaffron

Before you comment

The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.

Leave a Reply

To leave a reply you may Login with your Mountain Xpress account, connect socially or enter your name and e-mail. Your e-mail address will not be published. All fields are required.