CoreLogic US Home Price Report Indicates 5.9% YOY Increase in May, Forecasts 5.3% Increase

CoreLogic CLGX disclosed its CoreLogic Home Price Index and HPI Forecast data for May suggesting that home prices were up both YOY, as well as, month-over-month. According to it, Home prices increased 5.9 percent YOY in May 2016 nationalwide while the month-over-month growth was 1.3 percent compared with April 2016. This included distressed sales.

CoreLogic said its HPI Forecast indicated that home prices would grow by 5.3 percent on a YOY basis between May 2016 and 2017. The company added that on a month-over-month basis home prices are expected to grow 0.8 percent from May 2016 to June 2016. The company added that its CoreLogic HPI Forecast is a projection of home prices that used its CoreLogic HPI and other economic variables.

The company's president and CEO, Anand Nallathambi, said, "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. 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."

CoreLogic Chief Economist, Frank Nothaft, commented, "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. The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory."