CoreLogic recently released its Home Price Index (HPI) Report, which evaluates and disseminates national and state-level trends in home prices and projects future housing trends. The report finds that home prices had increased nationally by 6.6% in a year-over-year comparison between May 2016 and May 2017.
CoreLogic reports that the increasing home prices being recorded nationally are outpacing home sales, noting that current homeowners are seeing boosts in home equity, but renters and first-time homebuyers are restricted by an inventory mismatch. Further, a tight rental inventory nationwide accounts for a 3.1% single-family rent inflation comparing May 2017 with May 2016.
Connecticut home prices showed slow growth, representing a 1% increase in a year-over-year comparison. However, CoreLogic forecasts that Connecticut will see a 7.4% increase by May 2018, slightly higher than the national forecast of a 5.3% increase in home prices.