The January 2017 S&P Corelogic Case-Shiller Home Price Index (HPI), which tracks monthly changes in the value of homes in 20 U.S. metropolitan regions, will be released on Tuesday.
CoreLogic recently released the January 2017 CoreLogic Home Price Index, its own standalone index apart from the new Case-Shiller Index. The report showed that sales, including distressed sales, jumped 6.9 percent year over year and 0.7 percent month-over-month in January. By state, Washington saw the largest year-over-year home price increase of 10.8 percent. Of all 50 states, Maine was the only state to experience a decline in year-over-year home prices, with a loss of 1.8 percent.
Home prices have even managed to outpace inflation, according to Dr. Frank Nothaft, Chief Economist for CoreLogic.
“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” said Nothaft. “Over the 12 months through January of this year, the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent—both rising faster than inflation.”
CoreLogic data shows that this trend of increase will continue in 2018. CoreLogic’s HPI Forecast, a projection made with CoreLogic HPI data and other economic variables, predicts an increase of 4.8 percent on a year over year basis in January 2018 and a month over month increase of 0.1 percent in February 2017.
“Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” said Frank Martell, President and CEO of CoreLogic. “A potent mix of progressive economic recovery, demographics, tight housing stocks, and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future.”
This Week’s Schedule
AEI/First American National Housing Market Index (NHMI), Monday, 11 a.m. EST
MBA Mortgage Applications, Wednesday, 7 a.m. EST
National Association of Realtors February 2017 Pending Home Sales Index, Wednesday, 10 a.m. EST
Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST