IRVINE, Calif.–Data for home prices in January show the numbers are up both month over month and year over year, according to CoreLogic’s Home Price Index (HPI) and HPI Forecast.
Home prices nationwide, including distressed sales, increased year over year by 6.9% in January 2016 compared with January 2015 and increased month over month by 1.3% in January 2016 compared with December, 2015, according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.5% on a year-over-year basis from January 2016 to January 2017, and on a month-over-month basis home prices are expected to increase 0.5% from January 2016 to February 2016. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
“While the national market continues to steadily improve, the contours of the home price recovery are shifting,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The Northwest and Rocky Mountain states have experienced greater appreciation and account for four of the top five states for home price growth.”
“Heading into the spring buying season, home prices continue to rise across much of the country,” said Anand Nallathambi, president and CEO of CoreLogic. “With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one.”