‘Potent cocktail’ fueling home prices

cocktail
Everett Collection

Home price growth accelerated further in October according to CoreLogic. The company’s Home Price Index (HPI) increased 6.7 percent from the prior October while the year-over-year gain in September was only 6.3 percent.   The CoreLogic index includes both market and distressed sales.

On a month-over-month basis, home prices were up 1.1 percent. This is the same rate of increase that CoreLogic has reported for every month since June.

The company’s chief economist Frank Nothaft said the nation’s price growth rate was not shared by all. “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,” he said. “The largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation.”

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