Home prices in the Milwaukee area increased by 3.9 percent in November 2015, compared to the previous year, continuing the year-long trend of positive home sales and increasing prices in southeastern Wisconsin.
Nationally, home prices, 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, according to the latest data by, Irvine, Calf.-based CoreLogic Inc.
The CoreLogic Home Price Index Forecast indicates that 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.
The data analytics company uses several economic variables to come up with its predictions including state-level forecasts and the number of owner-occupied households in each state.
Many factors, including strong demand and tight supply, are contributing to the long-sustained boom in prices, according to CoreLogic.
“Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months,” said Frank Nothaft, chief economist for CoreLogic.
See more economic data reports on the BizTracker page.
