Home Values and Prices Move Higher

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MORTGAGE EXPERT
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National home values and Home Price Indices have gained more than 6 percent on a year-over-year basis, though one forecast has a smaller gain over the next year.

The Federal Housing Finance Agency reported Thursday that its seasonally adjusted purchase-only HPI was 240.2 in October, up 0.4 percent from the prior month.

FHFA’s index is based on home-sales data collected on residential loans that are purchased or guaranteed by Fannie Mae and Freddie Mac, which it regulates.

Compared to the same month last year, FHFA’s HPI has risen 6.2 percent.

On a year-over-year basis, home prices in the the mountain region were up 8.3 percent, the most of any region in FHFA’s report. The Middle
Atlantic rose just 3.6 percent, the smallest gain from October 2015.

CoreLogic Inc. earlier this month released its HPI indicating that national home prices were up 1.1 percent between September and October.
Home prices have risen 6.7 percent versus October of last year.

CoreLogic predicts that U.S. home prices will rise another 4.6 percent over the next 12 months.

“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 Dr. Frank Nothaft said in the report.

The average U.S. home value was $192,500 in November 2016, according to the Zillow Home Value Index. The reading was just 2 percent shy of the record high in 2007.

Home
values climbed 6.5 percent from November 2015.

Zillow noted that home values appreciated at their fastest annual pace since August 2006, near the peak of the housing bubble.

Portland, Oregon, experienced a 14 percent year-over-year gain in values, the biggest of any of the 35 largest metropolitan areas, Zillow said. A 12 percent increase was recorded for both Dallas and Seattle.

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Mortgage Daily Staff

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