CoreLogic reports home price inflation

Among the story lines from the latest overview of home prices from Irvine, Calif.-based Core Logic, the property information company, is the streak of four months of 6% or higher gains over the previous year’s figure. Also, Washington, Nevada, Utah and Idaho Posted 12-Month Price Gains of 10 Percent or More in November.

CoreLogic Home Price Index and HPI Forecast for November 2017 show home prices are up both year over year and month over month. Home prices nationally increased year over year by 7% from November 2016 to November 2017, and on a month-over-month basis home prices increased by 1% in November 2017 compared with October 2017.

Home prices are projected to Increase by 4.2% by November 2018.

"Rising home prices are good news for home sellers, but add to the challenges that home buyers face," said Dr. Frank Nothaft, chief economist for CoreLogic. "Growing numbers of first-time buyers find limited for-sale inventory for lower-priced homes, leading to both higher rates of price growth for 'starter' homes and further erosion of affordability."

CoreLogic published the following market-specific information, with year-over-year HPI change for single family homes:

Market: Las Vegas-Henderson-Paradise

HJPI index change: 11.1%

Condition: Overvalued

Market: San Francisco-Redwood City-South San Francisco

HJPI index change: 8.9%

Condition: At value

Market: Denver-Aurora-Lakewood.

HJPI index change: 8.1%

Condition: Overvalued

Market: Boston.

HJPI index change: 6.7%

Condition: At value

Market: Chicago-Naperville-Arlington Heights

HJPI index change: 3.7%

Condition: At value

Market: New York-Jersey City-White Plains.

HJPI index change: 3.3%

Condition: Overvalued