Grand Junction home prices continue to increase, according to the latest results of an analysis conducted by a California research firm.
Home prices rose three-tenths of a percent between November and December and 4.2 percent between December 2015 and December 2016, according to CoreLogic. The gains take into account such so-called distressed sales as foreclosure auctions and short sales.
In Colorado, single-family home prices advanced 8.9 percent between December 2015 and December 2016. The gain ranked fourth highest among the 50 states, behind increases of 10.8 percent in Washington, 10.5 percent in Oregon and 9 percent in Idaho.
Nationwide, home prices rose eight-tenths of a percent between November and December and climbed 7.2 percent between December 2015 and December 2016.
CoreLogic forecast an increase of 4.7 percent in home prices between December 2016 and December 2017.The forecast is based on the CoreLogic Home Price Index and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“As of the end of 2016, the CoreLogic national index was 3.9 percent below the peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. “We expect our national index to rise 4.7 percent during 2017, which would put homes prices at a new nominal peak before the end of this year.”
“Last year ended with a bang with home prices up over 7 percent nationally, led largely by major metro areas,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “We expect prices to continue to rise just under 5 percent in 2017 buoyed by lack of supply and continued high demand.”