CT home price increase ahead of national average
Connecticut single-family home sales increased 1.6 percent in November, well ahead of the national growth of 0.5 percent.
CoreLogic, which tracks real estate prices nationwide, said in a statement home prices nationwide, including distressed sales, increased by 6.3 percent in November 2015 compared with November 2014 and increased by 0.5 percent in November 2015 compared with October 2015.
CoreLogic forecasts nationwide home prices will increase by 5.4 percent on a year-over-year basis from November 2015 to November 2016, and on a month-over-month basis home prices are expected to remain flat from November 2015 to December 2015. It wasn’t able to provide Connecticut specific projections.
"Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes," said Anand Nallathambi, president and CEO of CoreLogic, in a statement. "On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets."
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