Report: US Home Prices Up 6.2 Percent
IRVINE, Calif. — CoreLogic, a global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI) and HPI Forecast for August 2016 which shows home prices are up both year over year and month over month.
Home prices nationwide, including distressed sales, increased year over year by 6.2%in August 2016 compared with August 2015 and increased month over month by 1.1% in August 2016 compared with July 2016, according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.3% on a year-over-year basis from August 2016 to August 2017, and on a month-over-month basis home prices are expected to increase by 0.4% from August 2016 to September 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“Home prices are now just 6% below the nominal peak reached in April 2006,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5% over the next year, prices will be back to their peak level in 2017.”
“Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply,” said Anand Nallathambi, president and CEO of CoreLogic. “This continued price appreciation is contributing to a growing affordability crisis in many markets around the country.”