CoreLogic’s Home Price Insight Report for January 2017 showed a 0.7 percent for the national single-family combined tier which included distressed sales over the prior month. The report recorded a year-over-year gain of 6.9 percent nationally for the single-family combined tier to include distressed sales.
The U.S. has experienced 60 consecutive months, including distressed sales, of year-over-year increases. However, the national increase is no longer posting double-digits. National single-family home prices remain 4 percent below peak values recorded in April 2006.
According to CoreLogic HPI Forecasts, national home prices for single-family homes, to include distressed sales, are predicted to rise by 0.1 percent in February 2017. With year-over-year national home prices for single-family homes, including distressed sales, are forecast to rise by 4.8 percent by January 2018. In October 2017, national single-family home prices, to include distressed sales, are forecast to reach a new peak level.
Month-Over-Month Percent Change
Home prices including distressed sales, rose by 0.7 percent since last month, December 2016. Excluding distressed sales, prices rose by 0.5 percent.
Year-Over-Year Percent Change
Home prices, including distressed sales, rose by 6.9 percent from January 2016 to January 2017. Excluding distressed sales, processes rose by 5.8 percent.
Forecast Month-Over-Month Percent Change
Next month’s home prices, including distressed sales, are expected to rise by 0.1 percent over this month. Excluding distressed sales, the forecast month-over-month house price gain for next month is expected to rise by 0.1 percent.
Forecasted Year-Over-Year Percent Change
Home prices, including distressed sales, are projected to rise by 4.8 percent from January 2017 to January 2018. Excluding distressed sales, prices are expected to rise by 4.7 percent.
CoreLogic HPI and CoreLogic Case-Shiller Indexes National Trends
“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through January of this year , the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent – both rising faster than inflation.”
Thirteen states and the District of Columbia have reached new highs this month. This includes, Arkansas, Colorado, Georgia, Hawaii, Massachusetts, North Carolina, New York, Oregon, Tennessee, Texas, Utah, Vermont and Washington. Only one stat—Maine—showed a negative home price appreciation, with -1.8 percent.
To read the full report and view data charts click here.
About the Author
CoreLogic (NYSE:CLGX) is leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory, and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazar risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance, and mitigate risk. Headquartered in Irvine, California, CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.