CoreLogic, the Irvine Calif.-based property information and analytics firm, on Tuesday reported that based on its data, home prices nationwide increased 6.2% in April 2016 over the same month a year earlier. Prices were up 1.8% from March, according to the CoreLogic Home Price Index.
Separately, the company said its HPI Forecast predicted that home prices will rise another 5.3% from this April through April, 2017 and gain 0.9% from this April through May, 2016.
“Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets,” said Dr. Frank Nothaft, chief economist for CoreLogic. “An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year”
“The appreciation in home prices over the past year reflects the gathering pace of the recovery in housing in most states and regions in the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic. “Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year.”
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.