CoreLogic released its CoreLogic Home Price Index (HPI) and HPI Forecast for September 2016, indicating home prices are up year-over-year and month-over-month. Home prices nationwide, including distressed sales, increased by 6.3 percent year-over-year in September, and increased by 1.1 percent month-over-month in September, according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.2 percent on a year-over-year basis from September 2016 to September 2017, and on a month-over-month basis home prices are expected to increase by 0.3 percent.
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.
“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” CoreLogic Chief Economist Dr. Frank Nothaft said in a press release. “Nationwide during the past year, the average gain in housing wealth was about $11,000 per homeowner, but with wide geographic variation.”
“Home-price growth creates wealth for owners with home equity,” CoreLogic President and CEO Anand Nallathambi said. “A 5 percent rise in home values over the next year would create another $1 trillion in home-equity wealth for homeowners.”