CoreLogic: U.S. Home Prices Increased 0.5% In November

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

U.S. home prices increased 0.5% in November compared with October and increased 6.3% compared with November 2014, according to CoreLogic's home price index (HPI) report.

The estimates include distressed sales.

Currently, CoreLogic is forecasting that home prices will increase by 5.4% from November 2015 to November 2016.

Although official figures for December are yet to be released, the firm predicts that home prices will be flat month-over-month in December compared with November.

‘Heading into 2016, home price growth remains in its sweet spot as prices have increased between five percent and six percent on a year-over-year basis for 16 consecutive months,’ says Frank Nothaft, chief economist for CoreLogic, in a statement. ‘Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the northwest and southeast remain on solid footing.’

‘Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes,’ adds Anand Nallathambi, president and CEO of CoreLogic. ‘On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.’

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