Home prices are increasing both month-over-month and annually, but that could soon reverse course and drop in January, according to the Home Price Index from CoreLogic, a global property information, analytics and data-enabled solutions provider.
Home prices increased by 6.6% from December 2016 to December 2017, and increased 0.5% from November to December, the report shows.
However, while annually prices will continue to climb, rising 4.3% from December 2017 to December 2018, the CoreLogic HPI Forecast shows home prices will slip in January, falling 0.4%.
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.
“The number of homes for sale has remained very low,” CoreLogic Chief Economist Frank Nothaft said. “Job growth lowered the unemployment…