People want to buy homes. The fact that across the nation, the paucity of inventory of available homes for sale is doing very little to dissuade the buyers. The result: home prices have hit another peak nationally according to CoreLogic. 
CoreLogic reported this week that on a national yearly basis, home prices increased again in May from the prior month and from 2016 levels.
The research group went on to predict that prices for homes “…will only continue to rise.”
According to CoreLogic’s Home Price Index:
■ Home prices increased 6.6% nationally from May 2016 to May 2017
■ Home prices increased 1.2% from April 2017
■ The market is consistently generating home price growth
■ Sales activity is being hindered by a lack of inventory across many markets
■ Tight inventory is affecting everything, from higher home prices to higher rental prices
■ Rents in the affordable single-family rental segment increased 4.7% since May 2016
■ The CoreLogic HPI Forecast shows home prices will increase 5.3% annually by May 2018
■ The CoreLogic HPI Forecast shows home prices will increase 0.9% from May to June 2017
■ Due to the increase in prices, renters and potential first-time homebuyers will continue to struggle to enter this very strong market
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.