CoreLogic reported another record rise in its Home Price Index (HPI) in August. The company said the 18.1 percent annual increase was again the result of demand in a supply-constricted market but was “also exacerbated by an influx in homebuying activity from investors.”
The increase was the largest in the 45 year history of the HPI and was 0.1 point higher than the annual appreciation in July. On a month-over-month basis the HPI was up 1.3 percent.
The rate of increase for detached properties was also record setting, a 19.8 percent annual gain. Prices for attached properties grew at a much more modest 12.0 percent.