Home Prices Up 6.2 Percent YoY

Don’t be surprised if you hear the old Fifth Dimension tune “Up, Up and Away” while reviewing the latest home price data. According to new statistics released by CoreLogic, home prices, including distressed sales, shot up 6.2 percent on a year-over-year basis in August, and are forecast to rise 5.7 percent by August 2017.

On a monthly measurement, home prices were up by 1.1. percent from July to August, and CoreLogic forecasts a 0.4 percent uptick from August to September. Oregon and Washington saw the greatest year-over-year house price increases in August, with 10.3 percent and 10.2 percent respectively, while Connecticut’s 1.1 percent decline marked the only negative appreciation among the states.

"Home prices are now just six percent below the nominal peak reached in April 2006," said Dr. Frank Nothaft, chief economist for CoreLogic. "With prices forecasted to increase by five percent over the next year, prices will be back to their peak level in 2017."