CoreLogic released its Home Price Index and HPI Forecast for January 2017, showing home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6.9 percent in January 2017 compared with January 2016 and increased month over month by 0.7 percent in January 2017 compared with December 2016, according to the CoreLogic HPI.

The CoreLogic HPI Forecast indicates that home prices will increase by 4.8 percent on a year-over-year basis from January 2017 to January 2018, and on a month-over-month basis home prices are expected to increase by 0.1 percent from January 2017 to February 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. “Over the 12 months through January of this year, the CoreLogic Home Price Index recorded a 6.9 percent rise in home prices nationally and the CoreLogic Single-Family Rental Index was up 2.7 percent – both rising faster than inflation.”

“Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” Frank Martell, president and CEO of CoreLogic, said in a statement. “A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future. We expect the CoreLogic Home Price Index to rise 4.8 percent nationally over the next 12 months, buoyed by lack of supply and continued high demand.”