December saw increases in US home prices, both year-over-year and month-over-month, according to new data from CoreLogic.
Its home price index, distressed sales included, recorded a year-over-year increase of 7.2% in December and a month-over-month increase of 0.8%.
“Last year ended with a bang with home prices up over 7% nationally, led largely by major metro areas,” said Anand Nallathambi, president and CEO of CoreLogic. “We expect prices to continue to rise just under 5% in 2017, buoyed by lack of supply and continued high demand.”
CoreLogic’s index forecast projected a year-over-year increase of 4.7% from December 2016 to December 2017, and a month-over-month increase by 0.1% from December 2016 to January 2017.
“As of the end of 2016, the CoreLogic national index was 3.9% below the peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. “We expect our national index to rise 4.7% during 2017, which would put homes prices at a new nominal peak before the end of this year.”
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