CoreLogic Tuesday released its CoreLogic Home Price Index (HPI) and HPI Forecast for August 2017, which shows US home prices are up strongly both year over year and month over month. Home prices nationally increased year over year by 6.9 per cent from August 2016 to August 2017, and on a month-over-month basis, home prices increased by 0.9 per cent in August 2017 compared with July 2017, according to the CoreLogic HPI.
The CoreLogic HPI is a three month weighted average and is not seasonally adjusted.
US House Price Index
The CoreLogic US home price report for August shows prices up 6.9 per cent in August 2017. The year-over-year comparison has been positive for over five consecutive years since turning positive year-over-year in February 2012.
The year-over-year increase had been moving sideways over the last two years, but might have picked up recently (the recent pickup could be revised away).
“While growth in home sales has stalled due to a lack of inventory during the last few months, the tight inventory has actually helped stabilize price growth,” said Frank Nothaft, chief economist for CoreLogic. “Over the last three years, price growth in the CoreLogic national index has been be- tween 5 per cent and 7 per cent per year, and CoreLogic expects home prices to increase about 5 per cent by this time next year.”