April home prices rose 1.2 percent month-over-month and 6.7 percent year-over-year, according to the CoreLogic Home Price Index (HPI™) and HPI Forecast™. Home prices are projected to rise 0.2 percent from April to May, and 5.3 percent from April 2018 to April 2019.
Additionally, of the 100 largest markets, 40 percent are overvalued, or have home prices at least 10 percent higher than what is sustainable; 28 percent are undervalued, or have home prices at least 10 percent lower than what is sustainable; and 32 percent are at value, according to the CoreLogic Market Condition Indicators (MCI).
“The best antidote for rising home prices is additional supply,” says Dr. Frank Nothaft, chief economist for CoreLogic. “New construction has failed to keep up with and meet new housing growth or replace existing inventory. More construction of for-sale and rental housing will alleviate housing cost pressures.”
For more information, please visit www.corelogic.com.
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