According to CoreLogic's latest Home Price Index for September 2019, US home prices rose both year-over-year and month-over-month. Home prices increased nationally by 3.5% from September 2018. On a month-over-month basis, prices increased by 0.4% in September 2019.
“Mortgage rates were a full percentage point lower this September compared to a year ago, boosting affordability for first-time buyers and supporting a rise in homeownership,” said Dr. Frank Nothaft, chief economist at CoreLogic. He added: “In addition to lower interest rates, personal income grew faster than home prices during the past year. This provided an additional lift for first-time buyer affordability and helped to boost the homeownership rate to the highest level in more than five years.”
However, according to CoreLogic's analysis of housing values in the country's 100 largest metropolitan areas, 36% of metropolitan areas had an overvalued housing market in September 2019, with 23% undervalued, and 41% correctly valued.
When looking at only the 50 largest metropolitan areas, 40% were overvalued, 16% were undervalued and 44% were correctly valued in September 2019.