Home Prices Continue to Rise

U.S. home prices jumped 5 percent for the month of September when compared to this same period of time last year. This marks the largest year-over-year increase we have seen in six years according to a recent report released by CoreLogic. This is just more evidence that the housing market here in Diablo and across the nation is continuing to improve. The CoreLogic report is based off repeat sales of the same homes, and it tracks their price changes over a period of time.

On a month-to-month basis, home prices from August to September decreased by 0.3 percent. This was the first home price drop we have seen after six consecutive months of gains. CoreLogic believes that the decline can be attributed to the end of the summertime home-buying season.

Several reports recently released show that the housing market is continuing to improve. The Standard & Poor’s/Case Shiller 20-city index rose 2 percent in August compared to the same time last year. Some areas of the country experienced a lot higher home price increases over the last year. Home prices in Arizona jumped 18.7 percent over the last year, the highest increase seen. New home prices have also jumped in the last month to their highest annual pace in the last two-and-a-half years.

If you are ready to sell or buy a home, contact me by email or call me, Brad Gothberg, at (925) 648-5326. I have been a real estate professional for 23 years.

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