CoreLogic: Home Prices Increased 1.3% In May

Posted by Patrick Barnard on July 05, 2016 No Comments
Categories : Residential Mortgage

U.S. home prices increased 1.3% on an adjusted basis in May compared with April and increased 5.9% compared with May 2015, according to CoreLogic’s Home Price Index.

Currently, CoreLogic is forecasting that home prices will increase 0.8% from May to June and will increase by 5.3% from May 2016 to May 2017.

“Housing remained an oasis of stability in May, with home prices rising year over year between five percent and six percent for 22 consecutive months,” says Frank Nothaft, chief economist for CoreLogic, in a release. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” adds Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”

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