by Calculated Risk on 7/02/2019 09:28:00 AM
Tuesday, July 02, 2019
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).CR Note: The CoreLogic YoY increase had been in the 5% to 7% range for several years, before slowing last year.
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
The year-over-year comparison has been positive for more than seven years since turning positive year-over-year in February 2012.