Home prices increased 6.9 percent year-over-year and 1.6 percent month-over-month in April, according to CoreLogic Home Price Index.
CoreLogic predicts home prices will increase 5.1 percent by April 2017 and 0.7 percent by May 2017.
Home-buying activity was spurred in April after mortgage rates dipped to their lowest level since November 2016, according to CoreLogic Chief Economist Frank Nothaft.
“In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home,” he said in a statement. “This has led home-price growth to outpace rent gains.”
Read Next
