The CoreLogic Home Price Index for March 2017 increased by 7.1% as compared with March 2016. The CoreLogic report also showed home prices increased month-over-month by 1.6% in March 2017 compared with February 2017.
The other significant number published in the CoreLogic HPI Forecast was the projection that home prices will increase by 4.9% on a year-over-year basis from March 2017 to March 2018.
CoreLogic is also forecasting home prices to increase on a month-over-month basis by 0.6% from March 2017 to April 2017. 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.
Recap
New results from CoreLogic Home Price Index which:
■ Forecasts home prices will increase 4.9% by March 2018
■ Projects home prices to increase 0.6% between March and April 2017
■ Reported home prices increased 1.6% between February and March 2017
■ Is only 2.8% from its 2006 peak
■ Reported prices in more than half the country have already surpassed their previous peaks
■ Reported almost 20% of metropolitan areas are now at their price peaks
■ Reported that rent growth for single-family rental homes has slowly decelerated
■ Reported that major metropolitan areas were especially hot, with CoreLogic data indicating that four of the largest 10 markets are now overvalued
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.