Home prices will increase by more than 5% over the next year, after increasing by 6.3% on a year-over-year basis in September, according to CoreLogic. This data includes distressed home sales.
As prices have recovered, Americans' home-value wealth has doubled over the past five years to $13 trillion. The average gain was about $11,000 per homeowner on a nationwide basis, but there was a wide variation based on region.
"A 5% rise in home values over the next year would create another $1 trillion in home-equity wealth for homeowners," said CoreLogic President and CEO Anand Nallathambi in a press release.
There were two states where values declined from September 2015 were Connecticut, down 1.4%, and Alaska, down 0.3%. The most improved states were Washington, up 10.3%, and Oregon, up 10.1%, according to the CoreLogic Home Price Index.
On a month-to-month basis, home prices in September increased by 1.1% over August. For October, prices are expected to increase by 0.3%.
