Home Prices Are Soaring, Surpassing Forecasts

December 2017 was the fourth month in a row where home prices increased from the prior month. CoreLogic reported that home prices rose 6.6 percent nationally last year.

“Affordability continues to erode, making it more challenging for both first time buyers and moderate-income families to buy,” CoreLogic said in a release. The company estimates that home prices will rise 4.3 percent by the end of December 2018, yet MarketWatch points out that recent home price growth forecasts have been repeatedly surpassed.

The top three “overvalued” metro areas in CoreLogic’s analysis were Las Vegas, where prices were 11.2 percent higher than a year ago in December; Denver, where they jumped 8.1 percent for the year; and Los Angeles, where prices rose 7.8 percent for the year. San Francisco home values rose 10.1 percent for the year, after years of pricing people out, but CoreLogic only judges prices there to be “at value.”

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