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New York’s home prices up 6.5 percent in a year

The average price for a single-family home in New York, including distressed sales, rose 6.5 percent from August 2015 to August 2016 according to the most recent Home Price Index report released Tuesday by CoreLogic. The HPI rose 6.2 percent nationwide over the same period, according to the report, with year-over-year changes by state ranging from a 10.3 percent increase in Washington to a 1.1 percent decline in Connecticut. National single-family home prices remain 5.6 percent below pre-recession peak values of April 2006, but might approach those values by October 2017 if CoreLogic’s prediction of a national 5.3 percent price rise for single-family homes over the coming year proves accurate. According to CoreLogic, the Rochester area home market is currently undervalued, and is likely to remain so for at least five years.
—Andrew Green
10/7/2016 (c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email rbj@rbj.net.

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