Increases in home prices in the Salt Lake City market continue to outpace those nationally, according to figures released by Irvine, California-based CoreLogic, a property information and analytics service. Local prices were up 9.6 percent in May compared to May 2016. Nationwide, prices showed a 6.6 percent increase for the same period. CoreLogic’s Home Price Index (HPI) and HPI Forecast reports are released monthly when sales figures become available.
On a month-over-month basis, Salt Lake City area prices were up 1.1 percent from April to May while nationally, homes sold for 1.2 percent more for the same period. Prices used in the survey included distressed sales such a foreclosures and short sales.
Looking ahead, the CoreLogic HPI Forecast predicts that home prices will increase by 5.3 percent on a year-over-year basis from May 2017 to May 2018, and on a month-over-month basis home prices are expected to increase by 0.9 percent from May to June. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables.