Home prices continue to tick up

Home prices in the Salt Lake City market increased by 7.8 percent in February compared with February 2015, according to the CoreLogic Home Price Index.

Home prices in the Salt Lake City market increased by 7.8 percent in February compared with February 2015, according to the CoreLogic Home Price Index. On a month-over-month basis, prices increased by 1.1 percent in February compared with January. Both figures include distressed sales.

CoreLogic is a global property information, analytics and data-enabled services provider which released its monthly surveys of home prices along with forecast data for the coming year.

Home prices nationwide, including distressed sales, increased by 6.8 percent in February compared with February 2015 and increased by 1.1 percent in February compared with January.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.2 percent on a year-over-year basis from February 2016 to February 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from February to March of this year. The 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.