Home price appreciation due to tight supply | Think Realty | A Real Estate of Mind
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Home price appreciation due to tight supply

CoreLogic’s latest report mirrors some of what was reported last week by other groups such as Case-Shiller, that home prices increased 12.5% this October over last October.

The report also says the price appreciation is due to tight supply of unsold inventory and not the impact of distressed sales which are smaller and declining.

“Nevada led the country with a 25.9 percent price increase from last year, followed closely by California’s 22.4 percent rise. While Georgia only ranked third for appreciation, technically it was the hottest market because the October appreciation rate of 14.2 percent was within two percentage points of the highest ever year-over-year increase in prices over the last 35 years – the smallest gap among all states, ” the report states.