Home prices including distressed sales in Bridgeport-Stamford-Norwalk decreased by 0.9 percent in May 2016 compared with May 2015, according to property information and analytics firm CoreLogic.
On a month-over-month basis, home prices including distressed sales increased by 0.5 percent in May 2016 compared with April 2016.
Nationwide, home prices including distressed sales increased year-over-year by 5.9 percent in May 2016 compared with May 2015, and increased month-over-month by 1.3 percent in May 2016 compared with April 2016, the company said.
CoreLogic added that its data indicates that, nationally, home prices will increase by 5.3 percent on a year-over-year basis from May 2016 to May 2017, while on a month-over-month basis home prices are expected to increase 0.8 percent from May 2016 to June 2016. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“Housing remained an oasis of stability in May with home prices rising year-over-year between 5 percent and 6 percent for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” remarked CoreLogic President and CEO Anand Nallathambi. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”