Another home price index, another index that shows monthly price gains.

CoreLogic released its home price index for May, and no surprise – prices were up for the month.  The index showed national home prices up 1.3%, which lifts the year-over-year gain to 5.9%. The index is up 22-consecutive months.

We’re not surprised by CoreLogic’s findings. All the other housing-data aggregators – Case/Shiller, Zillow, Black Knight, etc. – show persistent monthly price gains as well.  What’s more, CoreLogic’s HPI Forecast shows that prices will increase by 5.3% annually by May 2017, and by 0.8% month over month in June 2016.

More price appreciation appears in store, at least at the national level. But as we know, real estate markets are local markets. Demography, the rate of price appreciation, and the market composition of homes in Aurora, Colo differs from demography, the rate of price appreciation, and the market composition of homes in Aurora, Ill.

The good news, at least to us, is that the rate of price appreciation is slowing in more markets, particularly in the hotter markets, like those in Northern California.  We think this is healthy. Rapid price appreciation reduces the number of potential buyers. It also leads to a more stratified market.

We agree with CoreLogic: Home prices in many local markets will likely trend higher.  We like the idea, though, of prices trending higher at a rate that adheres more closely to historical norms.

Information provided by Jessica Regan.

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