According to the latest CoreLogic Home Price Index Report, home prices across the country rose 6.6% year over year for May and are up 1.2% from April. In addition, Corelogic predicts that home prices will increase by 5.3% on a year-over-year basis through May 2018.
Key takeaways:
- Price Appreciation Outstripping Income Growth in Many Markets
- Many Markets Still Lack Adequate Inventory
- Tight Inventory Impacting Rental Markets
“While the market is consistently generating home price growth, sales activity is being hindered by a lack of inventory across many markets. This tight inventory is also impacting the rental market where overall single-family rent inflation was 3.1 percent on a year-over-year basis in May of this year compared with May of last year. Rents in the affordable single-family rental segment (defined as properties with rents less than 75 percent of the regional median rent) increased 4.7 percent over the same time, well above the pace of overall inflation.” Said Dr. Frank Nothaft, chief economist for CoreLogic.
Click here to read the full report on Corelogic.com
