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Fort Wayne home prices rise 4.8%

(Photo Supplied/CoreLogic)

FORT WAYNE, Ind. (WOWO): Home prices in Fort Wayne are up from last year.

Analytics firm CoreLogic reports that home prices in Fort Wayne in February 2017 increased by almost 5%, compared with February 2016. On a month-to-month basis, including “distressed sales,” the average price tag for a house is up slightly from Janury 2017, with a 0.2% bump.

Home prices nationwide are up 7% from February of last year, with estimates calling for another 4.7% increase by this time next year, citing high demand and limited supply in some major metro areas.

“Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland and Denver,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The rise in housing costs has been largest for lower-tier-priced homes. For example, from December to February in Seattle, the CoreLogic Home Price Index rose 12 percent and our single-family rent index rose 6 percent for all price tiers compared with the same period a year earlier. However, when looking at only lower-cost homes in Seattle, the price increase was 13 percent and the rent increase was 7 percent.”

“Home prices continue to grow at a torrid pace so far in 2017 and these gains are likely to continue well into the future,” said Frank Martell, president and CEO of CoreLogic. “Home prices are at peak levels in many major markets and the appreciation is being driven by a number of dynamics – high demand, stronger employment, lean supplies and affordability – that will continue to play out in the coming years. The CoreLogic Home Price Index is projecting an additional 5 percent rise in home prices nationally over the next 12 months.”

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