Home prices are on the rise, but interest rates are still low, making it a great time to buy a home.
From HousingWire.com:
In December, home prices climbed by 4% from the previous year, according to CoreLogic’s latest Home Price Forecast.
The CoreLogic HPI projects future home price growth based on several economic variables and measures the number of owner-occupied households in each state.
According to CoreLogic’s data, home prices increased by 0.3% from November 2019 and are now projected to increase by 5.2% come December 2020.
Frank Nothaft, CoreLogic’s chief economist, said the nation’s housing affordability has worsened as a lack of inventory continues to drive home price growth.
“Moderately priced homes are in high demand and short supply, pushing up values and eroding affordability for first-time buyers,” Nothaft said. “Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”
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Ryan Christensen
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