The rate at which home prices are increasing seems to be slowing slightly — everywhere but in Utah. According to CoreLogic, a California-based property information and analytics firms, home prices in the Salt Lake City market were 11.8 percent ahead of last year in July while nationwide, the increase sits at 6.7 percent. The monthly increase from June to July was 1.2 percent in Utah and 0.9 percent across the country. The CoreLogic Home Price Index (HPI) includes distressed sales such as foreclosures and short sales.
Looking ahead, the CoreLogic HPI Forecast predicts that home prices will increase by 5 percent on a year-over-year basis from July to July 2018, and on a month-over-month basis home prices are expected to increase by 0.4 percent from July to August. 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.