IRVINE, Calif.--(BUSINESS WIRE)--CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for January 2017 which shows home prices are up both year over year and month over month.
Home prices nationwide, including distressed sales, increased year over year by 6.9 percent in January 2017 compared with January 2016 and increased month over month by 0.7 percent in January 2017 compared with December 2016,* according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by 4.8 percent on a year-over-year basis from January 2017 to January 2018, and on a month-over-month basis home prices are expected to increase by 0.1 percent from January 2017 to February 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.
“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Over the 12 months through January of this year, the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent—both rising faster than inflation.”
“Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” said Frank Martell, president and CEO of CoreLogic. “A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future. We expect the CoreLogic Home Price Index to rise 4.8 percent nationally over the next 12 months, buoyed by lack of supply and continued high demand.”
Methodology
The CoreLogic HPI™
is built on industry-leading public record, servicing and securities
real-estate databases and incorporates more than 40 years of
repeat-sales transactions for analyzing home price trends. Generally
released on the first Tuesday of each month with an average five-week
lag, the CoreLogic HPI is designed to provide an early indication of
home price trends by market segment and for the Single-Family Combined
tier representing the most comprehensive set of properties (including
all sales for Single-Family Attached and Single-Family Detached
properties). The indexes are fully revised with each release and employ
techniques to signal turning points sooner. The CoreLogic HPI provides
measures for multiple market segments, referred to as tiers, based on
property type, price, time between sales, loan type (conforming vs.
non-conforming) and distressed sales. Broad national coverage is
available from the national level down to ZIP Code, including
non-disclosure states.
CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a thirty-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, CBSA and ZIP Code-levels. The forecast accuracy represents a 95-percent statistical confidence interval with a +/- 2.0 percent margin of error for the index.
Source: CoreLogic
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About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global
property information, analytics and data-enabled solutions provider. The
company's combined data from public, contributory and proprietary
sources includes over 4.5 billion records spanning more than 50 years,
providing detailed coverage of property, mortgages and other
encumbrances, consumer credit, tenancy, location, hazard risk and
related performance information. The markets CoreLogic serves include
real estate and mortgage finance, insurance, capital markets, and the
public sector. CoreLogic delivers value to clients through unique data,
analytics, workflow technology, advisory and managed services. Clients
rely on CoreLogic to help identify and manage growth opportunities,
improve performance and mitigate risk. Headquartered in Irvine, Calif.,
CoreLogic operates in North America, Western Europe and Asia Pacific.
For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecast and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.
