Home prices nationwide increased 5.6 percent in September year-over-year, according to data.
That upward trend is expected to slow during the next year: prices of single-family homes and condominiums will rise 4.7 percent between September of this year and September 2019, Irvine-based CoreLogic reported.
“The erosion of affordability in the highest cost markets has begun to slow home price growth,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “Hawaii, California and Massachusetts had median sales prices above $400,000 this summer, the highest in the nation, while annual home price growth slowed steadily between June and September in these three states.”
Of the top 50 housing markets, 46 percent were above value, 14 percent were below value and 40 percent were at value, according to CoreLogic’s September Home Price Index Forecast.
In the Inland Empire, single-family home prices were up 6.2 percent in September year-over-year, CoreLogic reported.