Home prices increased by 0.4% in September but will rise on an annualized basis by 5.6% in September of 2020, according to the real estate analytics company CoreLogic. The main drivers of this increase are a robust economy and low mortgage interest rates which, together, result in more people entering the housing market.
Dr. Frank Nothart, chief economist at CoreLogic noted, “Mortgage rates were a full percentage point lower this September compared to a year ago, boosting affordability for first time home buyers and supporting a rise in homeownership.”