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Home prices rose both year over year and month over month in April, according to the most recent release from real estate analytics firm CoreLogic.
Home prices increased nationally by 6.9 percent year over year from April 2017 to April 2018. On a month-over-month basis, prices increased by 1.2 percent in April 2018 compared with March 2018, according to CoreLogic.
In Massachusetts the median single-family sale price increased 8.7 percent to $375,000 in April, according to analysis from The Warren Group, publisher of Banker & Tradesman.
Looking ahead, the CoreLogic HPI Forecast indicates that the national home-price index is projected to continue to increase by 5.3 percent on a year-over-year basis from April 2018 to April 2019. On a month-over-month basis, home prices are expected to rise 0.2 percent in May 2018.
“The best antidote for rising home prices is additional supply,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “New construction has failed to keep up with and meet new housing growth or replace existing inventory. More construction of for-sale and rental housing will alleviate housing cost pressures.”
CoreLogic’s market condition indicators found that 40 percent of metropolitan areas have an overvalued housing market as of April 2018; 28 percent of the top 100 metropolitan areas were undervalued and 32 percent were at value. The Boston area remains at value, according to CoreLogic.
