By Kelsey Ramirez
Home prices increased annually as well as monthly in June, according to the Home Price Index and HPI Forecast released by CoreLogic.
Home prices nationwide increased by 5.7% annually in June, and increased 1.1% monthly, according to the CoreLogic HPI.
“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” CoreLogic Chief Economist Frank Nothaft said.
“Local markets with strong economic growth have generally had stronger home-price growth,” Nothaft said. “Among large metropolitan areas, Denver had the lowest unemployment rate and the strongest home-price appreciation.”
The CoreLogic HPI Forecast shows that home prices will increase by 5.3% annually from June 2016 to June 2017. Monthly, home prices are predicted to increase 0.6% from June to July.
The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecast by weighting indices according to the number of owner-occupied households for each state.
“Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas,” CoreLogic President and CEO Anand Nallathambi said.
“We see prices continuing to increase at a healthy rate over the next year by as much as 5%,” Nallathambi said.
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