Tuesday, July 02, 2019

CoreLogic: House Prices up 3.6% Year-over-year in May

by Calculated Risk on 7/02/2019 09:28:00 AM

Notes: This CoreLogic House Price Index report is for May. The recent Case-Shiller index release was for April. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).

From CoreLogic: U.S. Home Price Insights Through May 2019 with Forecasts from June 2019

Home prices nationwide, including distressed sales, increased year over year by 3.6% in May 2019 compared with May 2018 and increased month over month by 0.9% in May 2019 compared with April 2019 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).

The CoreLogic HPI Forecast indicates that home prices will increase by 5.6% on a year-over-year basis from May 2019 to May 2020. On a month-over-month basis, home prices are expected to increase by 0.8% from May 2019 to June 2019.

“Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May. This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018.”, Dr. Frank Nothaft, Chief Economist for CoreLogic
emphasis added
CR Note: The CoreLogic YoY increase had been in the 5% to 7% range for several years, before slowing last year.

The year-over-year comparison has been positive for more than seven years since turning positive year-over-year in February 2012.