The average price of single-family homes in Baton Rouge, including distressed sales, gained traction in December, rising 4.2% year-over-year, according to CoreLogic’s latest Home Price Index and HPI Forecast. On a month-by-month basis, however, home prices were down 0.1%.
The index—which CoreLogic revises and releases at the beginning of each month—shows Louisiana home prices were up 5.1% in December.
Nationwide, home prices were up about 6.6% year-over-year in December, with states like California, Idaho, Nevada, Utah and Washington posting the largest gains.
CoreLogic expects home prices to continue rising this year, increasing by at least 4.3% by the end of 2018. The forecast is based on the index as well as other economic variables.
“The number of homes for sale has remained very low,” says Frank Nothaft, CoreLogic chief economist. “Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
In a separate report, the Greater Baton Rouge Association of Realtors says the average home sale price increased 14.8% in December to $224,427, up from $195,560 in December 2016.
