Thursday, January 16, 2020

Local home prices increase, outpacing national numbers

The Idaho Falls Metropolitan Statistic Area shows normal valuation on CoreLogic's map.
Looking at the CoreLogic HPI report for November 2019 and comparing it with data from the Snake River Multiple Listing Service, home prices in Bonneville County increased at nearly three times the national rate.

CoreLogic, out of Irvine, Calif., reported home prices increased for the year by 3.7%. Snake River MLS’s marketing statistics show the median home price in Bonneville County through November was $221,050, up from $196,820 — an increase of 12.31%.

Idaho ranked first in home price change, registering 10.2%. And while Bonneville County showed up on the map, the hottest market in the state remains Treasure Valley. To the south, Utah showed an increase of 6.7%

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3% on a year-over-year basis from November 2019 to November 2020. On a month-over-month basis, home prices are expected to increase by 0.2% from November 2019 to December 2019. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI 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.

During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The study showed that a significant number of older millennials (ages 30-38) are strongly considering moving within the next 12 months, with 64% of this cohort expecting to purchase a home, reinforcing this group’s interest in the housing market. Meanwhile, 57% of younger millennials (ages 21-29) plan on renting their next home. Despite the purchase intent among older millennials, nearly half (43%) still view homeownership as unaffordable and out of reach.