U.S. home prices went up by 5.9% in May 2016 compared with May 2015, and increased month over month by 1.3% in May 2016 compared with April 2016, according to the latest CoreLogic Home Price Index (HPI™) and HPI Forecast™.
CoreLogic® predicts home values will increase by 5.3% over the next year, and 0.8 percent from May 2016 to June 2016.
“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”