Home Prices Bloom in April
Limited inventories of homes for sale on the market continue to push home prices higher as "new construction fails to keep up with and meet new housing growth or replace existing inventory," according to CoreLogic Chief Economist Frank Nothaft.
CoreLogic reports that home prices, including distressed sales, rose 6.9 percent from April 2017 to April 2018, while there was a 1.2 percent gain in April 2018 compared with March 2018.
Looking ahead, CoreLogic forecasts a 5.3 percent increase in home prices from April 2018 to April 2019. Nothaft says, "More construction of for-sale and rental housing will alleviate housing cost pressures."