Tacoma-Lakewood home prices show impressive rise in one year

Nationwide, only in Oregon have home prices increased more than in Washington state during the past year, the data analytics firm CoreLogic reported Tuesday.

Home prices have increased 6 percent nationwide, CoreLogic reported, while prices in Oregon were up 11.2 percent from July 2015 through July this year. In Washington, prices were up 10.2 percent, and went up by the same amount in the Tacoma-Lakewood area.

In a one-month period, from June to July, prices locally rose 1.6 percent.

The increases are likely to continue.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters believe, then home purchases are likely to rise in the coming year,” said Frank Nothaft, CoreLogic chief economist.

“The increased sales will support further price appreciation and, according to the CoreLogic Home Price Index, home prices are projected to rise about 5 percent over the next year,” he said.

August’s Northwest MLS sales activity data for Pierce and Thurston counties are to be released Wednesday.

This story was originally published September 6, 2016 at 1:05 PM with the headline "Tacoma-Lakewood home prices show impressive rise in one year."