Consumers saw another nice bump in home prices during October.
Property information provider CoreLogic reports its Home Price Index (HPI) shows home prices were up both year over year and month-over-month.
Including distressed sales, home prices nationwide posted an increase of 6.7% from October 2015 and and were up 1.1% from September.
"While national home prices increased 6.7%, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation," said Dr. Frank Nothaft, chief economist for CoreLogic.
The CoreLogic HPI Forecast, a projection of home prices using the CoreLogic HPI and other economic variables, indicates home prices will increase by 4.6% on a year-over-year basis from October 2016 to October 2017 and on a month-over-month basis by 0.2% from October 2016 to November 2016.
"Home prices are continuing to soar across much of the U.S. led by major metro areas such as Boston, Los Angeles, Miami and Denver. Prices are being fueled by a potent cocktail of high demand, low inventories and historically low interest rates," said Anand Nallathambi, president and CEO of CoreLogic. "Looking forward to next year, nationwide home prices are expected to climb another 5 percent in many parts of the country to levels approaching the pre-recession peak."