Economic Data Reported September 3rd 2019
CoreLogic reported that home prices rose 0.5% in July and 3.6% year over year. The year over year reading increased from 3.4% to 3.6% and remains at a very sustainable and meaningful level for wealth creation.
CoreLogic forecasts that home prices will appreciate by 5.4% in the year going forward, which is very strong and better than the 5.2% year over year reading forecasted last month.
Frank Martel, CEO, and President of CoreLogic said that “Although the rise in home prices has slowed over the past several months, we see a re acceleration over the next year to just over 5% on an annualized basis. Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future.”
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