by Calculated Risk on 12/05/2017 08:51:00 AM
Tuesday, December 05, 2017
Notes: This CoreLogic House Price Index report is for October. The recent Case-Shiller index release was for September. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic US Home Price Report Marks Second Consecutive Month of 7 Percent Year-Over-Year Increases in October
CoreLogic® ... today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for October 2017, which shows home prices are up both year over year and month over month. Home prices nationally increased year over year by 7 percent from October 2016 to October 2017, and on a month-over-month basis home prices increased by 0.9 percent in October 2017 compared with September 2017, according to the CoreLogic HPI.CR Note: The YoY increase has been in the 5% to 7% range for the last couple of years. This is the top end of that range.
Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 4.2 percent on a year-over-year basis from October 2017 to October 2018, and on a month-over-month basis home prices are expected to decrease by 0.2 percent from October 2017 to November 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“Single-family residential sales and prices continued to heat up in October,” said Dr. Frank Nothaft, chief economist for CoreLogic. “On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014. This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”
The year-over-year comparison has been positive for over five consecutive years since turning positive year-over-year in February 2012.