IRVINE, Calif.—Home prices continue their upward trend. Through September 2015, home prices were up both year-over-year and month-over-month, according to the Home Price Index from CoreLogic, a provider of property information, analytics and data-enabled services.
According to the CoreLogic HPI, home prices nationwide, including distressed sales, increased by 6.4% in September 2015 compared with September 2014, and increased by 0.6% in September 2015 compared with August of 2015.
The CoreLogic HPI Forecast indicates that home prices are projected to increase by 4.7% on a year-over-year basis from September 2015 to September 2016, but could potentially dip slightly month over month from September 2015 to October 2015. 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, the company said.
“After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8% and 6.5% year-over-year increase,” said Sam Khater, deputy chief economist for CoreLogic. “Home price volatility is now back to the long-term trend prior to the boom and bust which is a good barometer of the market’s stability and health.”
“The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued. In the near term, this trend is likely to continue and pose evaluated risks to the housing economy,” said Anand Nallathambi, president and CEO of CoreLogic. "More has to be done to expand inventories if we are going to address the emerging affordability crisis, especially in hot markets like California and Colorado.”