JACKSONVILLE, Fla. – The value of your home here in Jacksonville is on the rise.
In fact the latest data from Corelogic shows home prices in April of this year jumped 7.7% compared to April of last year. And almost one percent between March and April of this year.
The housing market here is healthier when you compare this areas numbers to the national average. Nationwide home value was up 6.9%
Corelogic chief economist Frank Nothaft says low mortgage interest rates are behind the increase in value. "Mortgage rates in April dropped to their lowest levels since November 2016, spurring home-buying activity," he said. "This has led home-price growth to outpace rent gains."
Corelogic economists forecast a continuing rise in home prices. They expect them to rise 5% over the next year.