Home price appreciation is strong and say hello to the next wave of homebuyers – Millennials
CoreLogic reported that home prices rose 0.4% in September and 3.5% year over year. The year over year reading dropped slightly from 3.6% in August and is a sustainable and meaningful level for wealth creation. The states with the highest increases year-over-year were Idaho (11.8%), Utah (8%) and Maine (8%).
CoreLogic forecasts that home prices will appreciate by 5.6% in the year going forward, which is slightly lower pace from the 5.8% forecasted in the previous report.
Frank Martell, the President and CEO of CoreLogic said that “All 50 states posted positive home price trends in September with the average price nationally rising 3.5%.” Martell added, “as a group, more millennials are entering the home-buying market and they report spending more money than they anticipated.”