Home prices in the Salt Lake City market just keep going up — increasing nearly 10 percent in the past year. The average sales price is up 9.9 percent since November 2016, according to data released last week by CoreLogic, a California-based property information and analytics firm.
On a month-over month basis, Salt Lake home prices rose 0.6 percent from October to November, as reported in the CoreLogic Home Price Index. All prices included in the CoreLogic report include distressed sales such as foreclosures and short sales.
On a national basis, home prices are also up both year over year and month over month. Home prices nationally increased year over year by 7 percent since November 2016. On a month-over-month basis, home prices increased by 1 percent from October to November, according to the CoreLogic HPI.
Looking ahead, the CoreLogic HPI Forecast predicts that home prices will increase by 4.2 percent on a year-over-year basis from November 2017 to November 2018, and on a month-over-month basis home prices are expected to decrease by 0.4 percent from November 2017 to December 2017, once data is available.
“Rising home prices are good news for home sellers, but add to the challenges that home buyers face,” said Frank Nothaft, chief economist for CoreLogic. “Growing numbers of first-time buyers find limited for-sale inventory for lower-priced homes, leading to both higher rates of price growth for ‘starter’ homes and further erosion of affordability.”