August prices for single-family homes in the New York metro area rose 5.1 percent compared to the same time last year, according to a new report from CoreLogic.
CoreLogic released its monthly Home Price Index and Home Price Index Forecast for August on Tuesday, covering all single-family home transactions in New York City, Jersey City and White Plains. The analysis also shows prices rose 1.7 percent month-over-month.
The slight rise is in keeping with a national trend, which CoreLogic CEO Anand Nallathambi attributed to investor-fueled demand and lack of adequate supply.
“This continued price appreciation is contributing to a growing affordability crisis in many market around the country,” Nallathambi said.
Nationwide house prices increased by 6.2 percent year-over-year, and 1.1 percent on a month-over-month basis, the data showed.
CoreLogic predicts U.S. home prices will increase by 5.3 percent on a year-over-year basis between August 2016 and August 2017. The month-over-month prices are expected to rise by 0.4 percent.
“Home prices are now just 6 percent below the nominal peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. He predicts that, with house prices forecast to increase by 5 percent over the next year, they will be back to their peak level in 2017. — Miriam Hall