DataMarkets & Economy

California real estate market trends continue to climb

CoreLogic Market Pulse reports on housing and rental market trends, both nationally and locally
  • Single-family rental growth has slowed in the high-end tier as of May, while the lower end of the market has remained strong throughout the nation, at 5.3 percent annual growth.
  • California was home to the largest pool of foreclosures along with Florida, but California's foreclosed inventory sat at only 0.4 percent.
  • The California Home Price Index increased 6 percent annually in June, and the forecast shows year-over-year prices are expected to climb by 9.6 percent in 12 months.

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CoreLogic's Market Pulse for August 2016 reports on the national market and local trends, including a new inside look at the rental sector. Similar to the data company's CoreLogic Home Price Index (HPI) and CoreLogic Case-Shiller Index, the new Single-Family Rental Index (SFRI) measures the growth of the rental market since January 2007. After a massive growth spurt at the tail end of 2009 and into 2011 and steady growth that continued for a few years after, the SFRI shows rental price gains have recently begun to soften. Rent growth peaked at 4.6 percent in December 2014 over the previous year, but as of May, the growth rate was 1.2 percent lower, at an annual uptick of 3.3 percent. Following a similar pattern to that seen in the homebuying market, the rental market has seen a slow-down in the high-end sector as of recently, while lower price points are holding their own. Rent prices at the lowest end of the spectrum were up 5.3 percent in May over the previous year, mar...