National home prices continued their upward trend in April, rising 1.2 percent from March and increasing 6.9 percent compared with April 2017 prices, according to the CoreLogic Home Price Index.
A lack of housing inventory continues to push prices up around the country, CoreLogic Chief Economist Frank Nothaft said in a statement.
“New construction has failed to keep up with and meet new housing growth or replace existing inventory,” Nothaft said in a statement. “More construction of for-sale and rental housing will alleviate housing cost pressures.”
But CoreLogic isn’t forecasting any dips in prices in the near future; it predicts a 0.2 percent increase in May and an overall 5.3 percent increase by April 2019.
All 50 states increased in value year-over-year, with four states seeing double-digit home price increases year-over-year, including Washington (12.8 percent), Idaho (12.4 percent), Nevada (12.2 percent) and Utah (11.5 percent).
Related:
Pending Home Sales Drop 1.3 Percent in April on ‘Dire’ Inventory
Construction Spending Grew 1.8 Percent in April
