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.

IRVINE, CA—Single-family home prices rose 6% year over year and 1.1% month over month in July, CoreLogic said Tuesday in announcing the results of its latest Home Price Index. The CoreLogic HPI Forecast predicts that home prices will increase by 5.4% on a year-over-year basis between July 2016 and July 2017, and by 0.4% between this past July and this past August.

“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,' says Frank Nothaft, chief economist for CoreLogic. “The increased sales will support further price appreciation.”

CoreLogic's report for July follows the release of the latest S&P CoreLogic Case-Shiller Indices last week, reporting Y-O-Y and monthly results for June. The Case-Shiller US Home Price NSA Index, covering all nine US census divisions, reported a 5.1% annual gain in June, unchanged from last month. The 10-City Composite posted a 4.3% annual increase, down from 4.4% the previous month, while the 20-City Composite reported a year-over-year gain of 5.1% for June, down from 5.3% in May.

Consistent with the Case-Shiller results, July's CoreLogic forecast shows that “the strongest home price gains continue to be in the western region,” says Anand Nallathambi, president and CEO of CoreLogic. “As evidence, the Denver, Portland and Seattle metropolitan areas all recorded double-digit appreciation over the past year.”

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.