IRVINE, Calif.—As of June 2016 home prices are up both year over year and month over month, according to the CoreLogic Home Price Index (HPI) and HPI Forecast.
Home prices nationwide, including distressed sales, increased year over year by 5.7% in June 2016 compared with June 2015 and increased month over month by 1.1% in June 2016 compared with May 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 June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6% from June 2016 to July 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.
“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Local markets with strong economic growth have generally had stronger home-price growth. Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation.”
"Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas," said Anand Nallathambi, president and CEO of CoreLogic. "We see prices continuing to increase at a healthy rate over the next year by as much as 5%.”