Home sale values fall in Decatur

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DECATUR, Ill. (WAND) – Statistics from a financial company show homes in Decatur are losing value.

CoreLogic reports Decatur-area home prices dropped by 8.2 percent in value when numbers from September 2017 are compared to numbers from the same time of year in 2016. In addition, values fell by 0.8 percent from August to September this year.

These numbers are trending in the opposite direction of national numbers, which show home prices are rising. Nationwide numbers say values went up by 7 percent from September 2016 to September 2017.  Home prices rose by 0.9 percent from August to September in 2017.

CoreLogic has predicted home prices will continue to go up in the U.S., with a 4.7 percent bump coming from this September to the same time in 2018. The service also predicts a national 0.1 percent drop in price values from September to October this year.

“Home price growth continues to grow at a brisk pace,” said CoreLogic Chief Economist Frank Nothaft. “This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices. The CoreLogic single-family rent index rose about 3 percent over the last year. (That’s) less than half (of) the rise in the national home price index.”

Home Price Index (HPI) numbers from CoreLogic show Illinois home prices rose from September 2016 to the same time in 2017 by 4 percent.

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