CoreLogic: Home Prices Jump to 6.3% Rate in September

CoreLogic, Irvine, Calif., said U.S. home prices jumped to a 6.3 percent annual growth rate in September amid tight housing inventories.

The company’s Home Price Index said home prices nationwide, including distressed sales, increased year over year by 6.3 percent in September from a year ago and increased month over month by 1.1 percent from August.

“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said CoreLogic Chief Economist Frank Nothaft. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation.”

The CoreLogic HPI Forecast shows home prices rising by 5.2 percent through September 2017; on a month-over-month basis, home prices are expected to increase by 0.3 percent.

“Home-price growth creates wealth for owners with home equity,” said Anand Nallathambi, president and CEO of CoreLogic. “A 5 percent rise in home values over the next year would create another $1 trillion in home-equity wealth for homeowners.”