U.S. home prices are up 7.1 percent in March, data from analytics company CoreLogic shows.
Home prices, including distressed sales, increased by 7.5 percent in March 2017 in the Orlando metro area compared with March 2016, according to CoreLogic.
Nationwide, home prices will increase by 4.9 percent year-over-year from March 2017 to March 2018, CoreLogic forecast. The property data provider said its Home Price Index is only 2.8 percent away from its 2006 peak. The index is expected to reach the previous peak during the second half of this year with a forecasted increase of almost 5 percent over the next 12 months.
Prices in more than half the country already have surpassed their previous peaks, and almost 20 percent of metropolitan areas are now at their price peaks, according to CoreLogic.
Strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S., said Frank D. Martell, CoreLogic president and CEO, in a prepared statement.
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