More home appreciation is likely to come in the new year. In a new report released by CoreLogic, economists predict home prices will spike by 5.4% from October 2019 to October 2020. That is even higher than the 3.5% annual appreciation in national home prices posted this October, the real estate data firm notes.
Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October, says Frank Martell, president and CEO of CoreLogic. “We expect home prices to rise at least another 5% over the next 12 months,” Martell says. “Interestingly, this persistent increase in home prices isn’t deterring older millennials. In fact, 25% of those surveyed anticipate purchasing a home over the next six to eight months.”
Idaho saw the highest home price increases, far exceeding any other states in appreciation in October, the report notes. The state posted an annual appreciation of 10.9% in October.