Home prices increased in August both monthly and annually, according to the Home Price Index and HPI Forecast released by CoreLogic, a global property information analytics and data-enabled solutions provider.
Home prices, including distressed sales, increased 6.2% annually in August and 1.1% from July, according to the CoreLogic HPI.
"Home prices are now just 6% below the nominal peak reached in April 2006," said CoreLogic Chief Economist Frank Nothaft. "With prices forecasted to increase by 5% over the next year, prices will be back to their peak level in 2017."
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The HPI Forecast shows that home prices will increase by 5.3% annually by August 2017, and increased 0.4% from August to September.
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.
"Housing values continue to rise briskly on stronger fundamental and investor-fueled demand, as well as lack of adequate supply," said CoreLogic President and CEO Anand Nallathambi. "This continued price appreciation is contributing to a growing affordability crisis in many markets around the country."
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