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CoreLogic says home prices rose by 6.2 percent.

In its April report on home prices, CoreLogic, Irvine, California, noted that its Home Price Index (HPI) based on April 2016 data showed nationwide home prices have risen 6.2 percent since last April. Prices nationally rose by 1.8 percent in April compared with March.

The CoreLogic HPI Forecast[TM] also projects that national home prices will continue to grow in the coming year, but the pace of growth will moderate. The forecast indicates that prices will grow by 5.3 percent in the period from April 2016 to April 2017.

The CoreLogic HPI incorporates distressed sales. Values are derived from state-level forecasts and weighted according to each state's number of owner-occupied households.

Commenting on the latest results, Frank Nothaft, chief economist for CoreLogic, said, "Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets." He added, "An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year."

Anand Nallathambi, president and chief executive officer of CoreLogic, said, "The rate of recovery [in the housing market] does vary somewhat based on local conditions. Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year."

Some standout performers among the states for home-price gains in the yearlong period ending in April 2016 were: 1) Washington (10.6 percent), 2) Oregon (10.3 percent), 3) Colorado (9.5 percent), 4) Utah (8 percent), 5) Nevada (7.9 percent), 6) Florida (7.7 percent) and 7) Idaho (7.5 percent).

Metro markets that saw strong price gains in the period from April 2015 to April 2016 were: 1) Denver-Aurora-Lakewood, CO (10.6 percent); 2) Boston, MA (8.2 percent); 3) Los Angeles-Long Beach-Glendale, CA (7.3 percent); and Miami-Miami Beach-Kendall, FL (7.1 percent).

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Title Annotation:NEWS ROOM
Comment:CoreLogic says home prices rose by 6.2 percent.(NEWS ROOM)
Publication:Mortgage Banking
Geographic Code:1U9CA
Date:Jul 1, 2016
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