The CoreLogic Home Price Index in January recorded a 6.9 percent annual gain, according to the CoreLogic U.S. Home Price Insights Report.
This is the 60th straight month of year-over-year increases, CoreLogic said. The HPI also increased 0.7 percent in January compared with December.
“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” said Frank Nothaft, CoreLogic chief economist.
The five states that registered the highest year-over-year home price gains in January were Washington, 10.8 percent; Oregon, 10.3 percent; Colorado, 9.1 percent; South Dakota, 9.1 percent; and Idaho, 9 percent.
The five states remaining furthest from their peak values were Nevada, down 31.6 percent; Florida, down 20.8 percent; Arizona, down 20.6 percent; Connecticut, down 20 percent; and Maryland, down 19.1 percent.
CoreLogic predicts growth will moderate next January, projecting a 4.8 percent year-over-year gain and a 0.1 percent month-over-month gain. It also estimates home prices will reach a new peak level in October 2017.
