Tri-Cities home prices begin the year on the upswing


Tri-Cities home prices moved higher than their December or January levels at a slower pace than the national CoreLogic All-Sales Home Price Index rate.

HPI

January’s year-to-year HPI increase was the second highest monthly year-to-year increase since January 2015 while the Kingsport-Bristol January increase was a high point for the period. Clicking on the chart renders a larger version.

In Johnson City, prices increased by 5.8% in January compared with January 2015. On a month-over-month basis, they were up 0.3%.

Kingsport-Bristol-Bristol prices were up 4.7% compared with January 2015 and 0.5% better than they were in December. January’s level was the highest monthly year-to-year increase since January 2015.

Home prices nationwide, including distressed sales, increased year over year by 6.9% and increased 1.3% compared to December.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.5% on a year-over-year basis from January 2016 to January 2017, and on a month-over-month basis home prices are expected to increase 0.5% from January 2016 to February 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. The forecast is not available for local levels.

“Heading into the spring buying season, home prices continue to rise across much of the country,” said Anand Nallathambi, president and CEO of CoreLogic. “With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: