Home prices in Jacksonville increased by 6.6 percent from May 2016 to May 2017, according to a report by a global property information, analytics and data-enabled solutions company named CoreLogic.
The company also stated that Jacksonville home prices increased by 0.7 percent on a month-to-month basis from April 2017 to May 2017. The city-specific market data was included in CoreLogic’s Home Price Index (HPITM) and HPITM Forecast report, which was released by the company in early July.
According to the report, prices in Florida increased by 6.4 percent from May 2016 to May 2017, and United States home prices overall increased by 6.6 percent. CoreLogic forecasts that U.S. prices will continue to go up over the next year but by a slightly smaller increase of 5.3 percent.
While the market is consistently generating home price growth, CoreLogic’s Chief Economist Dr. Frank Nothaft noted that sales activity is being hindered by a lack of inventory across many markets. He said the tight inventory is also impacting the rental market.
“Overall single-family rent inflation was 3.1 percent on a year-over-year basis in May of this year compared with May of last year,” said Nothaft. “Rents in the affordable single-family rental segment (defined as properties with rents less than 75 percent of the regional median rent) increased 4.7 percent over the same time, well above the pace of overall inflation.”
CoreLogic CEO Frank Martell agreed that while the strong run-up in home prices has boosted equity and spending, it’s not as pretty of a picture for renters and potential first-time homebuyers.
“With price appreciation and rental inflation outstripping income growth, affordability is destined to become a bigger issue in most markets,” he said.
CoreLogic’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, including consumer credit, tenancy, location, hazard risk and related performance information.
