Home prices in the Salt Lake City market continue to show a steady increase, according to data released last week by Californian-based property data and analytics company CoreLogic. The CoreLogic Home Price Index (HPI) showed a 0.7 percent increase in the prices that Utah homes sold for in August compared to July, which brought the year-over-year price hike to 11.9 percent compared to a year ago.
Nationally, the index showed a 0.9 percent increase from July to August with a 6.9 percent growth since August 2016. All prices used in the index include distressed sales such as foreclosures and short sales.
CoreLogic also released its HPI Forecast report which indicates that home prices will increase by 4.7 percent on a year-over-year basis from August to August 2018, and on a month-over-month basis home prices are expected to increase by 0.1 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.