Springfield home prices rise 5.6%

Springfield home prices were on the rise in January, according to real estate market tracker CoreLogic.

January prices — including distressed sales that factor in short sales and real-estate owned transactions — were up 5.6 percent from the same month of 2016, according to a news release.

Comparatively, U.S. home prices moved up 6.9 percent on average compared with January 2016.

"Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory," said Frank Martell, president and CEO of CoreLogic, in the release. "A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future.

“We expect the CoreLogic home price index to rise 4.8 percent nationally over the next 12 months, buoyed by lack of supply and continued high demand."