Home prices increased 1.1% in September from August and 6.3% from September 2015, according to the CoreLogic® (NYSE: CLGX) Home Price Index (HPI™) and HPI Forecast™.
The CoreLogic HPI Forecast indicates that home prices will increase by 5.2% 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% from September 2016 to October 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.
“Home-equity wealth has doubled during the last five years to $13 trillion, largely because of the recovery in home prices,” said Dr. Frank Nothaft, chief economist for CoreLogic. “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,” said Anand Nallathambi, president and CEO of CoreLogic. “A 5% rise in home values over the next year would create another $1 trillion in home-equity wealth for home owners.”
