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O.C. home prices up 4.4% in October

O.C. home prices up 4.4% in October

Orange County price gains have held steadily below 5 percent for the past 12 months, according to CoreLogic’s Home Price Index. REGISTER GRAPHIC

High home prices are keeping a lid on residential appreciation rates in Orange County, with year-over-year gains holding steadily below 5 percent for the past year, according to CoreLogic figures released Tuesday.

The Irvine-based data firm’s Home Price Index shows that home prices were up 4.4 percent in the year ending in October, but were unchanged from September levels.

That’s a small gain compared to neighboring housing markets.

CoreLogic’s HPI showed that home prices notched upward 6.8 percent year-over-year in Los Angeles County. In the Inland Empire, prices were up 6.2 percent from October 2014 levels.

Home prices increased 6.8 percent in the nation as whole in October, while the statewide appreciation rate was 7.2 percent.

Smaller price gains are expected in the year ahead, however. The CoreLogic HPI forecast calls for a 5.2 percent increase by October 2016.

CoreLogic Chief Economist Frank Nothaft attributed this year’s higher appreciation rate to a low number of homes being offered for sale, conditions that are likely to persist in early 2016, he said.

“Home equity levels are now approaching pre-recession levels,” CoreLogic CEO Anand Nallathambi added. “As we move forward, the rise in home prices will need to be better correlated to family income trends over time to avoid homes becoming unaffordable for many.”

Contact the writer: 714-796-7734 or jcollins@ocregister.com

The Orange County Register – News Headlines : Real Estate News