Home prices still climbing in SLC market

Salt Lake City market area home prices continue to climb, both year-over-year and month-over-month. That’s according to property information, analytics and real estate services provider CoreLogic in its monthly report released last week.

Salt Lake City market area home prices continue to climb, both year-over-year and month-over-month. That’s according to property information, analytics and real estate services provider CoreLogic in its monthly report released last week.

In the local market, home prices, including distressed sales, increased by 8.6 percent in April compared with April 2015, said CoreLogic’s Home Price Index (HPI) and HPI Forecast. On a month-over-month basis, prices increased by 1.6 percent in April compared with March.

Nationally, home prices, also including distressed sales, increased year-over-year by 6.2 percent in April compared with April 2015 and increased month-over-month by 1.8 percent in April compared with March, according to the CoreLogic HPI.

The CoreLogic HPI Forecast predicts that home prices will increase by 5.3 percent on a year-over-year basis from April to April 2017, and on a month-over-month basis home prices are expected to increase 0.9 percent from April to May. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables localized to regional markets. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets,” said Frank Nothaft, chief economist for CoreLogic. “An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year.”

“The appreciation in home prices over the past year reflects the gathering pace of the recovery in housing in most states and regions in the U.S.,” said Anand Nallathambi, president and CEO of CoreLogic. “The rate recovery does vary somewhat based on local conditions. Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average, with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year.”