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Home prices accelerate to end year

Home prices rose at robust pace to end the year, according to CoreLogic.

U.S. home prices on a national level saw an annual gain in December of 7.2 percent and rose 0.8 percent from the November level, the company said.

Year over year, home prices have risen the most in Washington state (10.8 percent), followed by Oregon (10.3 percent), Idaho (9 percent), Colorado (8.9 percent) and Utah (8 percent).

CoreLogic also said that 101 metropolitan housing markets were overvalued, including 17 in Texas, and were above their long-run sustainable level.

CoreLogic’s national price index still remained 3.9 percent below the April 2006 peak, however. The company expects the annual home price growth to slow down in 2017 to the 4.7 percent range. 

"Last year ended with a bang with home prices up over 7 percent nationally, led largely by major metro areas," said Anand Nallathambi, president and chief executive of CoreLogic. "We expect prices to continue to rise just under 5 percent in 2017 buoyed by lack of supply and continued high demand." 


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