On Tuesday, CoreLogic will release its report giving insights into U.S. Home Prices in December with a forecast from January. The report, titled "U.S. Home Price Insights" features an interactive view of CoreLogic's Home Price Index and is designed to provide an early indication of home price trends. The report also forecasts home price levels for single-family homes and highlights markets that are currently priced above the median national home price and those that are underperforming.
According to the last home price insights report for November 2018 with forecasts from December, home prices were expected to increase by 4.8 percent on a year-over-year basis from November 2018 to November 2019. On a month-over-month basis, home prices were expected to decrease slightly by 0.8 from November 2018 to December 2018.
“The rise in mortgage rates has dampened buyer demand and slowed home-price growth. Interest rates for new 30-year fixed-rate loans averaged 4.9 percent during December, the highest monthly average since February 2011. These higher rates and home prices have reduced buyer affordability. Home sellers are responding by lowering their asking price, which is reflected in the slowing growth of the CoreLogic Home Price Index,” said Dr. Frank Nothaft, Chief Economist at CoreLogic.
Here's what else is happening in the week ahead:
- President’s State of the Union Address, Tuesday 9 p.m. EST
- CoreLogic Home Price Insights Report, Tuesday, 9 a.m. EST
- MBA Mortgage Apps, Wednesday, 7 a.m. EST
- Ellie Mae Millennial Tracker, Wednesday, 10 a.m. EST
- Jerome Powell Speaks, Wednesday, 7 p.m. EST
- Freddie Mac Primary Mortgage Market Survey, Thursday 10 a.m. EST