Home prices continue to edge up in SLC

Home prices in the Salt Lake City market were up 7.2 percent in August compared to the previous year, according to CoreLogic, a global property information, analytics and real estate data-enabled solutions provider based in California. On a month-over-month basis, price increased 0.6 percent in August over July. Both figures include distressed sales such as foreclosures and short sales.

Home prices in the Salt Lake City market were up 7.2 percent in August compared to the previous year, according to CoreLogic, a global property information, analytics and real estate data-enabled solutions provider based in California. On a month-over-month basis, price increased 0.6 percent in August over July. Both figures include distressed sales such as foreclosures and short sales.

According to the CoreLogic Home Price Index, home prices nationwide, including distressed sales, increased year over year by 6.2 percent in August compared with August 2015 and increased month over month by 1.1 percent in August compared with July.

The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from August to August 2017, and on a month-over-month basis home prices are expected to increase by 0.4 percent from August to September. 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 are now just 6 percent below the nominal peak reached in April 2006,” said Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”