Home prices are up strongly both year-over-year and month-over-month according to the September 2017 Home Price Index released today by CoreLogic.

Home prices nationally increased year-over-year by 7 percent from September 2016 to September 2017, and on a month-over-month basis, increased by 0.9 percent in September 2017 compared with August 2017, according to the CoreLogic HPI.

In Massachusetts, single-family home prices are up 6.9 percent year-over year, about in line with The Warren Group’s analysis, which pegs the statewide rise in home prices at 6.2 percent year-over-year for the month of September.

In Boston, single-family homes increased 7 percent year-over-year, which is “at value,” according to the report.

Looking ahead, the CoreLogic HPI Forecast indicates that nationwide home prices will increase by 4.7 percent on a year-over-year basis from September 2017 to September 2018, and on a month-over-month basis home prices are expected to decrease by 0.1 percent from September 2017 to October 2017.

“Heading into the fall, home price growth continues to grow at a brisk pace,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. “This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices. The CoreLogic Single-Family Rent Index rose about 3 percent over the last year, less than half the rise in the national Home Price Index.”

According to CoreLogic Market Condition Indicators (MCI) data, an analysis of housing values in the country’s 100 largest metropolitan areas based on housing stock, 36 percent of cities have an overvalued housing stock as of September 2017.

Also, as of September, 28 percent of the top 100 metropolitan areas were undervalued and 36 percent were at value. When looking at only the top 50 markets based on housing stock, 48 percent were overvalued, 16 percent were undervalued and 36 percent were at value.

“A strengthening economy, healthy consumer balance sheets and low mortgage interest rates are supporting the continued strong demand for residential real estate,” Frank Martell, president and CEO of CoreLogic, said in a statement. “While demand and home price growth is in a sweet spot, a third of metropolitan markets are overvalued and this will become more of an issue if prices continue to rise next year as we anticipate.”