{"id":1252,"date":"2018-12-08T12:00:00","date_gmt":"2018-12-08T12:00:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2018\/12\/08\/october-home-prices-increased\/"},"modified":"2025-03-13T02:19:30","modified_gmt":"2025-03-13T02:19:30","slug":"october-home-prices-increased","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2018\/12\/08\/october-home-prices-increased\/","title":{"rendered":"October Home Prices Increased 5.4% Year Over Year, But Expected to Slow"},"content":{"rendered":"

October Home Prices Increased 5.4% Year Over Year<\/h2>\n

This marks the fourth consecutive month where home price appreciation was under 6 percent.<\/em><\/h6>\n

CoreLogic\u00ae<\/sup>, a leading global property information, analytics and data-enabled solutions provider, has released the CoreLogic Home Price Index and HPI Forecast\u2122<\/sup> for October 2018, which shows home prices rose both year over year and month over month. Home prices increased nationally by 5.4 percent year over year from October 2017. On a month-over-month basis, prices increased by 0.5 percent in October 2018. (September 2018<\/a> data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month).<\/p>\n

<\/p>\n

Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.8 percent on a year-over-year basis from October 2018 to October 2019. On a month-over-month basis, home prices are expected to decrease by 0.7 percent from October to November 2018. The CoreLogic HPI Forecast is a projection of home prices calculated 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.<\/p>\n

\n

\u201cRising prices and interest rates have reduced home buyer activity and led to a gradual slowing in appreciation,\u201d said Frank Nothaft, chief economist for CoreLogic. \u201cOctober\u2019s mortgage rates were the highest in 7 1\/2 years, eroding buyer affordability. Despite higher interest rates, many renters view a home purchase as a way to build wealth through home-equity growth, especially in areas where rents are rising quickly. These include the Phoenix, Las Vegas and Orlando metro areas, where the CoreLogic Single-Family Rent Index rose 6 percent or more during the last 12 months.\u201d<\/p>\n<\/blockquote>\n

According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country\u2019s 100 largest metropolitan areas based on housing stock, 35 percent of metropolitan areas have an overvalued housing market as of October 2018. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices<\/a> to their long-run, sustainable levels, which are supported by local market fundamentals (such as disposable income). Additionally, as of October 2018, 24 percent of the top 100 metropolitan areas were undervalued, and 41 percent were at value.<\/p>\n

When looking at only the top 50 markets based on housing stock, 44 percent were overvalued, 16 percent were undervalued, and 40 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10 percent below the sustainable level.<\/p>\n

In 2018, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive consumer housing sentiment study, combining consumer and property insights. The study assessed attitudes toward homeownership<\/a> and the drivers of the home buying or renting decision-making process. When asked about the important aspects of homeownership, owners cited \u201ca place to feel safe\u201d as very important and said that having something to call their own was the most important factor. Additionally, both renters and owners felt a home is an investment and a place to raise a family and counted those factors among the top reasons to own a home.<\/p>\n

\n

\u201cHomeownership remains an important part of the American dream,\u201d said Frank Martell, president and CEO of CoreLogic. \u201cOur research found that being a homeowner makes consumers feel safe in their homes. Renters really want something to call their own. However, until affordability comes back into balance, renters will have a hard time purchasing a home.\u201d<\/p>\n<\/blockquote>\n

Methodology<\/h4>\n

The CoreLogic HPI<\/u>\u2122<\/sup> is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the \u201cSingle-Family Combined\u201d tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states.<\/p>\n

CoreLogic HPI Forecasts<\/u>\u2122<\/sup> are based on a two-stage, error-correction econometric model that combines the equilibrium home price\u2014as a function of real disposable income per capita\u2014with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers \u2014 \u201cSingle-Family Combined\u201d (both attached and detached) and \u201cSingle-Family Combined Excluding Distressed Sales.\u201d As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, Core Based Statistical Area (CBSA) and ZIP Code levels. The forecast accuracy represents a 95-percent statistical confidence interval with a +\/- 2 percent margin of error for the index.<\/p>\n

About The 2018 CoreLogic Consumer Housing Sentiment Study<\/h4>\n

Nationwide survey of 3001 renters and homeowners conducted in first quarter of 2018 by CoreLogic together with RTi Research. The survey has a sampling error of +\/- 1.8 percent at the total respondent level with a 95 percent confidence level.<\/p>\n

About RTi Research<\/h4>\n

RTi Research<\/a> is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, Ct. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence.<\/p>\n","protected":false},"excerpt":{"rendered":"

October Home Prices Increased 5.4% Year Over Year This marks the fourth consecutive month where home price appreciation was under 6 percent. CoreLogic\u00ae, a leading global property information, analytics and data-enabled solutions provider, has released the CoreLogic Home Price Index and HPI Forecast\u2122 for October 2018, which shows home prices rose both year over year and […]<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-1252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nOctober Home Prices Increased 5.4% Year Over Year, But Expected to Slow<\/title>\n<meta name=\"description\" content=\"Looking ahead, the CoreLogic HPI Forecast indicates home prices will increase by 4.8 percent on a year-over-year basis from October 2018 to October 2019. 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