Home prices are projected to continue to rise nationally at the low-end of 3.5% in 2017 according to many of the industry analytic groups.
This compares with the 5.5% increase reported by the recent S&P CoreLogic Case-Shiller Index from what was reported in September of 2015.
+ The September S&P Case-Schiller CoreLogic report is up from the 5.1% annual gain in August.
+ The index has now surpassed its previous peak of July 2006.
+ The nation’s 20 largest cities reported an average 5.1% annual gain, unchanged from August.
+ The report notes that in the new post-recession peaks, those areas that experienced the biggest booms were: Miami, Tampa, Phoenix and Las Vegas – remained well below their all-time highs.
Seattle prices jumped 11.0% year-over-year, followed by Portland with 10.9%, and Denver with an 8.7% increase, and 12 cities reported greater price increases in the year ending September 2016 versus the year ending August 2016.
These positive trends are also confirmed by the Zillow Home Value Index, which shows home values nationally up over 6% year-over-year. The competition for homes is so strong that less than half of buyers get the first home they make an offer on, according to the Zillow report.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
