National home prices increased 6.7% year-over-year in February, though still 16% below their 2006 peak, according to the latest CoreLogic Home Price Index (HPI) report. In addition, the report forecasts a 4.7% increase in prices between February 2018 and February 2019.
CoreLogic’s analysis indicates lower-priced homes experienced significantly higher gains than other home-price tiers. According to the data, the lowest price tier increased 9.3% year-over-year compared with an 8.5% increase for low- to middle-priced homes, 7% for middle- to moderate-priced homes, and 5.4% for the highest price tier. Tiers are calculated relative to the median national home sale price. CoreLogic reports:
The overall HPI (all price tiers combined) has increased on a year-over-year basis every month since February 2012 and has gained 52.2 percent since hitting bottom in March 2011. As of February the overall HPI was 1.8 percent higher than its pre-crisis peak in April 2006. Adjusting for inflation, U.S. home prices increased 4.8 percent year over year in February 2018, and were 16 percent below their peak.
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