Home prices rose year over year and month over month, according to the CoreLogic Home Price Index.
CoreLogic is a property information, analytics and data-enabled services provider that compiles monthly home prices at the national, state and local levels.
Colorado’s HPI jumped 10.4 percent year over year for single-family homes.
In Colorado Springs, home prices increased by 6.2 percent in November compared with November 2014. On a month-over-month basis, home prices decreased by 0.5 percent in November 2015 compared with October 2015.
Nationally, home prices increased by 6.3 percent in November compared with November 2014 and increased by 0.5 percent in November 2015 compared with October 2015, according to the release.
And home prices are only expected to continue their upward climb. The CoreLogic HPI Forecast indicates home prices could increase by 5.4 percent on a year-over-year basis from November 2015 to November 2016.
“Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the northwest and southeast remain on solid footing.”
“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,” said Anand Nallathambi, president and CEO of CoreLogic. “On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”