U.S. home prices increased 2.1% in March compared with February and increased 6.7% compared with March 2015, according to CoreLogic’s home price index (HPI) report.
CoreLogic reports that it revised its estimate for February.
Currently, the firm is forecasting that home prices increased 0.7% from March to April and will increase 5.3% on a year-over-year basis from March 2016 to March 2017.
“Housing helped keep U.S. economic growth afloat in the first quarter of 2016, as residential investment recorded its strongest gain since the end of 2012,” says Frank Nothaft, chief economist for CoreLogic, in a statement. “Low interest rates and increased home building suggest that housing will continue to be a growth driver.”
“Home prices reached the bottom five years ago and since then have appreciated almost 40 percent,” adds Anand Nallathambi, president and CEO of CoreLogic. “The highest appreciation was in the West, where prices continue to increase at double-digit rates.”