Since 2014, home prices have been in what CoreLogic Chief Economist Frank Nothaft recently described as a “sweet spot,” consecutively rising between 5 and 6 percent for 15 months. According to the research group’s newest report, home prices rose 6.3 percent from Nov. 2014 to Nov. 2015. That makes 16 months.
Around the nation, price increases were widespread, though they varied wildly from market to market.
Home prices in Illinois inched forward 2.4 percent year-over-year in November, seeing the same growth as Chicago prices. Price growth in the city and state has trailed the nation’s in 2015, but remained steady, which is reflective of the market’s overall recovery pace.
Strong growth around the nation is the result of several factors, said Anand Nallathambi, president and chief executive of CoreLogic.
“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,” he said. “On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”