GRAND RAPIDS/WYOMING, Mich. (WOOD) — New data shows homes in the Grand Rapids-Wyoming areas are gaining value.
According to data released Tuesday by CoreLogic, home prices in Grand Rapids-Wyoming rose by 8.8 percent in February of 2015 compared to the same time last year. On a month-over-month basis, home prices decreased by .5 percent in Feb. 2015 compared to Jan. 2015.
Michigan tied for third with Texas for the highest home price appreciation including distressed sales in the nation at 8.5 percent.
CoreLogic reports that national home price increased by 5.6 percent in Feb. 2015 compared to Feb. 2014, marking the 36th month in a row that national home prices have gone up year over year. On a month-over-month basis, national home prices increased by 1.1 percent from Jan. to Feb. 2015.
The CoreLogic HPI forecast indicates that from Feb. to March this year, home prices are expected to increase by .6 percent. The forecast also projects that home prices will rise by 5.1 percent from Feb. 2015 to Feb. 2016.
Economists at CoreLogic said this is shaping up to be the “hottest Spring home buying season in nine years.”