Valley home prices rising faster than national average

September 6, 2016

Central Valley Business Journal

MODESTO — The price of a home has risen 10 percent in Modesto over the past year, according to property information company CoreLogic.

In Stockton, home prices have risen 9.7 percent from July 2015 to July of this year.

Prices in both cities are going up faster, year over year, than the national average, which was 6 percent. The western region as a whole is seeing home prices rise faster than the rest of the country. Denver, Portland and Seattle all have home prices rising in the double digits.

CoreLogic expects them to keep going up. The CoreLogic HPI Forecast indicates that home prices will increase by 5.4 percent on a year-over-year basis from July 2016 to July 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from July 2016 to August 2016.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation, and according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year.”

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