Sonoma County home prices up 9.5 percent in May, CoreLogic reports

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Sonoma County home prices rose an estimated 9.5 percent in May from a year earlier, property data service CoreLogic reported Tuesday.

The county increase computed by the CoreLogic Home Price Index was greater than both the 5.9 percent jump in home prices for the nation and the 6.3 percent increase for California home prices.

“Price appreciation continues to be fairly broad-based across the U.S.,” CoreLogic President/CEO Anand Nallathambi said in a statement. “From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way.”

Home prices in May increased 11 percent in Oregon from a year earlier. In Washington, the May increase amounted to 10.1 percent.

The Home Price Index doesn’t compute an average or median home value for each area.

Instead, it follows home price trends, in part by tracking sale prices for the same homes over time.

The index relies on more than 40 years of repeat sales residential transactions.

The median sales price for single-family homes in the county rose to $580,500 in May, according to The Press Democrat’s monthly housing report. The median price increased 6.5 percent from a year earlier.

Also Tuesday, CoreLogic forecast that in the coming year the nation’s home prices will continue to rise. The company predicted a 5.3 percent increase for May 2017 on a year-over-year basis.

You can reach Staff Writer Robert Digitale at 521-5285 or robert.digitale@pressdemocrat.com. On Twitter @rdigit

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