CoreLogic: Home Prices Up 6.2%

CoreLogic, Irvine, Calif., said U.S. home prices rose month over month and year over year in April.

The company’s Home Price Index said home prices nationwide, including distressed sales, increased year over year by 6.2 percent in April and increased by 1.8 percent from March.

“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 CoreLogic HPI Forecast indicates that home prices should increase by 5.3 percent on a year-over-year basis through April 2017; on a month-over-month basis home prices are expected to increase 0.9 percent through May.

“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. “The rate recovery does vary somewhat based on local conditions. 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.”