Home Prices Up 6.9% YOY in April, CoreLogic

Irvine, California, June 6, 2017-Home prices nationwide, including distressed sales, increased year over year by 6.9% in April 2017 compared with April 2016 and increased month over month by 1.6% in April 2017 compared with March 2017, according to the CoreLogic Home Price Index (HPI).

The CoreLogic HPI Forecast indicates that home prices will increase by 5.1% on a year-over-year basis from April 2017 to April 2018, and on a month-over-month basis home prices are expected to increase by 0.7% from April 2017 to May 2017. 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.

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” said Dr. Frank Nothaft, chief economist for CoreLogic. “In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains. Nationally, home prices were up 6.9% over the last year, while rent growth for single-family rental homes recorded a 3% rise through April, according to the CoreLogic Single-Family Rental Index.”

“Interest rates on fixed-rate mortgages are down by one-fourth of a percentage point since mid-March, just in time to support the spring home-buying season,” said Frank Martell, president and CEO of CoreLogic. “Some metro areas have low for-sale inventory, short time-on-market trends and homes that sell above the list price. Geographically, gains were strongest in the West with Washington and Utah posting double-digit gains.”