Forecast Prices Nationally
The CoreLogic HPI Forecast indicates that home prices will increase by 4.8 percent on a year-over-year basis from January 2018 to January 2019, and on a month-over-month basis home prices are expected to be flat from January 2018 to February 2018.
“Entry-level homes have been in particularly short supply, leading to more rapid home-price growth as compared with more expensive homes.” Frank Nothaft Chief Economist, CoreLogic
The rise in mortgage rates coupled with home-price growth is eroding the affordability, especially for first-time home buyers. According to CoreLogic, half of the largest metro areas are over-valued.
CoreLogic sees continued tightness in the entry-level market for the foreseeable future.
For New Jersey CoreLogic Projects
Percent Change Jan 2018 Jan 2019
Year-over-Year 2.2% 5.8%
January 2018 New York-Jersey City-White Plains NY-NJ Metropolitan is seen as Overvalued.
January 2018 National Home Prices
Home prices nationwide, including distressed sales, increased year over year by 6.6 percent in January 2018 compared with January 2017 and increased month over month by 0.5 percent in January 2018 compared with December 2017 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results).
Link to the Report: https://www.corelogic.com/insights-download/corelogic-home-price-insights.aspx