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Home price appreciation posts end of summer gains

Posted by The Aramco Group on Wed, Oct 4, 2017 @ 16:10 PM

Home prices increased nationally in August and experts are predicting they will continue to do so for the foreseeable future. CoreLogic's latest Home Price Index and HPI Forecast, released this week, showed home prices to be 6.9 percent higher in August than they were during the same month last year.

Forecasts show that while yearly increases are likely to continue into 2018, the rate at which they climb will slow.

"While growth in home sales has stalled due to a lack of inventory the last few months, [this] has actually helped stabilize price growth," said CoreLogic's chief economist Frank Nothaft. Looking ahead, he added that price growth in the index for the last three years has been between five and seven percent, although the yearly forecast predicts just a 4.7 percent increase by August 2018.

Meanwhile, buyers and those looking to refinance will find conforming no-point 30-year fixed mortgage rates averaging 3.875 percent while 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.