CoreLogic US Home Price Report Shows Prices Up 7 Percent in February 2017
-
National Forecast Indicates Home Prices Expected to Increase 4.7
Percent by February 2018 -
Home Prices Expected to Rise by 0.4 Percent Between February 2017
and March 2017 - Home Prices Increased by 1 Percent between January and February 2017
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 February 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 7 percent in February 2017 compared with February 2016 and
increased month over month by 1 percent in February 2017 compared with January
2017,* according to the CoreLogic HPI.
The CoreLogic HPI Forecast indicates that home prices will increase by
4.7 percent on a year-over-year basis from February 2017 to February
2018, and on a month-over-month basis home prices are expected to
increase by 0.4 percent from February 2017 to March 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.
“Home prices and rents have risen the most in local markets with high
demand and limited supply, such as Seattle, Portland and Denver,” said
Dr. Frank Nothaft, chief economist for CoreLogic. “The rise in housing
costs has been largest for lower-tier-priced homes. For example, from
December to February in Seattle, the CoreLogic Home Price Index rose 12
percent and our single-family rent index rose 6 percent for all price
tiers compared with the same period a year earlier. However, when
looking at only lower-cost homes in Seattle, the price increase was 13
percent and the rent increase was 7 percent.”
“Home prices continue to grow at a torrid pace so far in 2017, and these
gains are likely to continue well into the future,” said Frank Martell,
president and CEO of CoreLogic. “Home prices are at peak levels in many
major markets and the appreciation is being driven by a number of
dynamics—high demand, stronger employment, lean supplies and
affordability—that will continue to play out in the coming years. The
CoreLogic Home Price Index is projecting an additional 5 percent rise in
home prices nationally over the next 12 months.”
*January data was revised. Revisions with public records data are
standard, and to ensure accuracy, CoreLogic incorporates the newly
released public data to provide updated results.
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
The data provided are for use only by the primary recipient or the
primary recipient’s publication or broadcast. This data may not be
resold, republished or licensed to any other source, including
publications and sources owned by the primary recipient’s parent company
without prior written permission from CoreLogic. Any CoreLogic data used
for publication or broadcast, in whole or in part, must be sourced as
coming from CoreLogic, a data and analytics company. For use with
broadcast or web content, the citation must directly accompany first
reference of the data. If the data are illustrated with maps, charts,
graphs or other visual elements, the CoreLogic logo must be included on
screen or website. For questions, analysis or interpretation of the
data, contact Lori Guyton at lguyton@cvic.com
or Bill Campbell at bill@campbelllewis.com.
Data provided may not be modified without the prior written permission
of CoreLogic. Do not use the data in any unlawful manner. The data are
compiled from public records, contributory databases and proprietary
analytics, and its accuracy is dependent upon these sources.
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.
Contacts
CoreLogic
For real estate industry and trade media:
Bill
Campbell, 212-995-8057
bill@campbelllewis.com
or
For
general news media:
Lori Guyton, 901-277-6066
lguyton@cvic.com
