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CoreLogic Reports June Home Prices Increased by 6.8%
Home prices rose nationally by 6.8% year over year from June 2017 to June 2018, as reported by the CoreLogic Home Price Index and HPI Forecast for June 2018. Irvine, CA-based CoreLogic’s latest research also shows on a month-over-month basis, prices increased by 0.7% in June 2018, compared with May 2018.
“The rise in home prices and interest rates over the past year have eroded affordability and are beginning to slow existing home sales in some markets,” said Dr. Frank Nothaft, chief economist for CoreLogic.
“For June, we found in CoreLogic public records data that home sales in the San Francisco Bay Area and Southern California were down 9 and 12 percent, respectively, from one year earlier. Further increases in home prices and mortgage rates over the next year will likely dampen sales and home-price growth.”
Looking ahead, the CoreLogic HPI Forecast indicates that the national home-price index is projected to continue to increase by 5.1% on a year-over-year basis from June 2018 to June 2019. On a month-over-month basis, home prices are expected to be flat from June to July 2018.
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