CoreLogic, a global property information, analytics, and data-enables services provider, today released its home price index data from January 2016.
Home prices nationwide, including distressed sales, increased annually by 6.9%, according to the CoreLogic HPI. Month-over-month, January increased by 1.3% from December 2015.
“While the national market continues to steadily improve, the contours of the home price recovery are shifting,” CoreLogic chief economist Frank Nothaft said.
“The northwest and Rocky Mountain states have experienced greater appreciation and account for four of the top five states for home price growth,” he said.
CoreLogic forecasts that home prices will increase by 5.5% by January 2017. On a month-over-month basis, prices are expected to increase 0.5% from January to February.
The CoreLogic HPI forecast is a projection of home prices suing 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.
“Heading into the spring buying season, home prices continue to rise across much of the country,” CoreLogic president and CEO Anand Nallathambi said. “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.”