Missouri and U.S. home prices grew at a faster pace than the Queen City in September, according to real estate market tracker CoreLogic.
Springfield’s home prices — including distressed sales that factor short sales and real-estate owned transactions — increased by 2.8 percent during September compared with the same month of 2016. Prices were up by 0.2 percent from August, according to a news release.
Missouri’s average rose by 6 percent and U.S. home prices jumped 7 percent in September from a year earlier.
"A strengthening economy, healthy consumer balance sheets and low mortgage interest rates are supporting the continued strong demand for residential real estate," said Frank Martell, president and CEO of CoreLogic, in the release. “While demand and home price growth is in a sweet spot, a third of metropolitan markets are overvalued and this will become more of an issue if prices continue to rise next year as we anticipate."
CoreLogic predicts a 4.7 percent increase in U.S. home prices from September to the same month next year.
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