U.S. Home Price Index Overview Report Through March 2017 | Think Realty | A Real Estate of Mind
InsightNews Industry Trends

U.S. Home Price Index Overview Report Through March 2017

Price

CoreLogic’s Home Price Index National Overview (HPI) shows a gain of 1.6 percent prior to the previous month of February 2017, in the single-family tier to include distressed home sales. The HPI indicates 7.1 percent year-over-year gain in the single-family category to include distressed home sales.

Forecasted for April 2017 the HPI anticipates a rise of nation home prices for single-family homes to increase by 0.6 percent with the year-over-year in the same category to raise by 4.9 percent by March of 2018. Showing a steady increase in home prices.

Overview & Observations

All numbers include distressed and non-distressed home sales as single-family residences.

  • 62 back-to-back months of year-over-year increases but increases are no longer in double digits.
  • SF home prices continue to stay 2.8 percent below peak values which were recorded in April 2006.
  • Home prices to hit new peak level in August 2017.
  • 6 percent month-over-month increase in home prices since February 2017.
  • From March 2016 to March 2017 home prices rose by 7.1 percent. Without distressed home sales, prices rose by 5.9 percent.
  • Forecasted: Home prices to rise 0.6 percent month-over-month. Not including distressed home sales home prices forecasted month-over-month rise 0.6 percent.
  • Forecasted: Year-over-year projected to increase by 4.9 percent from March 2017 to March 2018. Not including distressed home prices to increase by 4.9 percent.

 

“Home prices posted strong gains in March 2017, and the CoreLogic Home Price index is the only 2.8 percent from its 2006 peak,” stated Dr. Frank Nothaft, chief economist for CoreLogic. “With a forecasted increase of almost 5 percent over the next 12 months, the index is expected to reach the previous peak during the second half of this year. Prices in more than half the country have already surpassed their previous peaks, and almost 20 percent of metropolitan areas are now at their price peaks. Nationally, price growth has gradually accelerated over the past half-year, while rent growth for single-family rental homes has slowly decelerated over the same period, according to the CoreLogic Single-Family Rental Index, recording a 3 percent rise over the year through March.”

State Highlights

Highest year-over-year home price appreciation in March 2017 to include distressed properties.

  • Idaho at 8.4 percent
  • Colorado at 8.7 percent
  • Oregon at 9,4 percent
  • Utah at 9.9 percent
  • Washington at 12.8 percent

Highest year-over-year appreciation, excluding distressed properties, for March 2017.

  • Colorado at 8.1 percent
  • Idaho at 8.4 percent
  • Oregon at 8.5 percent
  • Utah for 8.9 percent
  • Washington at 12.0 percent

The states with the furthest value from peak March 2017 values.

  • Nevada at -29.9 percent
  • Connecticut at -20.9 percent
  • Florida at -20.2 percent
  • Maryland at -19.6 percent
  • Arizona at 19.4 percent

There was a total of 15 states that reached new highs for the month of March 2017.

  • Arkansas
  • Colorado
  • Georgia
  • Hawaii
  • Indian
  • Louisiana
  • Massachusetts
  • North Carolina
  • North Dakota
  • New York
  • Oregon
  • South Carolina
  • Texas
  • Utah
  • Washington

There were two states showing a negative home price appreciation.

  • Alaska at -0.8 percent
  • West Virginia at -1.2 percent

 

For the full report and graphics click here.

CoreLogic (NYSE:CLGX) is leading global property information, analytics and data-enabled solutions provider. For more information, please visit www.corelogic.com.