Home prices rose 6.9% in April and will keep climbing: CoreLogic
By Veronika Bondarenko | Source Inman
House prices will increase another 5.3 percent through April 2019, according to the latest CoreLogic Home Price Index Report
CoreLogic released its Home Price Index (HPI) and HPI Forecast data for April 2018, showing how home prices have increased year-over-year, and more is it come.
Across the U.S., home prices rose by a total of 6.9 percent when compared to April 2017, increasing another 1.2 percent when compared to last month.
“The best antidote for rising home prices is additional supply,” said Dr. Frank Nothaft, CoreLogic’s chief economist, in a statement. “New construction has failed to keep up with and meet new housing growth or replace existing inventory. More construction of for-sale and rental housing will alleviate housing cost pressures.”
Interestingly, lower priced-homes saw a much greater gain year-over-year than higher-priced ones: homes in CoreLogic’s lowest price tier (75 percent or less the value of the national median home) saw a staggering 9.3 percent price increase year-over-year, versus a 5.7 percent price increase year-over-year for the highest-cost bracket of homes (125 percent the value of the national median home).
According to CoreLogic’s predictions, the price of an average American home is expected to rise another 5.3 percent by April 2019 and to have climbed 0.2 percent this May.