Connecticut home prices increased 2.2 percent year over year but that places it well behind national real estate price growth. That growth could cool for October when those results are announced.
Nationally sales prices increased 0.6 percent from August to September. No breakdown for Connecticut was available.
“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued. In the near term, this trend is likely to continue and pose evaluated risks to the housing economy,” said Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic, a global property information, analytics and data-enabled services provider, said home prices nationwide, including distressed sales, increased by 6.4 percent in September 2015 compared with September 2014 and increased by 0.6 percent in September 2015 compared with August 2015.
“After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8 percent and 6.5 percent year-over-year increase,” said Sam Khater, deputy chief economist for CoreLogic. “Home price volatility is now back to the long-term trend prior to the boom and bust which is a good barometer of the market’s stability and health.”
The firm’s forecast indicates that home prices are projected to increase by 4.7 percent on a year-over-year basis from September 2015 to September 2016, but could potentially dip slightly month over month from September 2015 to October 2015.
