Home prices were up nationwide both year over year and month over month, according to the December 2017 Home Price Index released today by global property information provider CoreLogic.

Home prices nationally increased year over year by 6.6 percent from December 2016 to December 2017, and on a month-over-month basis home prices increased by 0.5 percent in December 2017, according to the report.

Last year’s single-family median home sale price set a record in the Bay State, hitting $365,000 and far exceeding the previous record of $355,000 set in 2005, according to analysis from The Warren Group, publisher of Banker & Tradesman.

The median single-family sale price in December increased 5.6 percent to $360,000, up from $340,000 a year earlier. For the year the median price rose 5.5 percent, the largest gain in four years.

Looking ahead, the CoreLogic HPI Forecast indicates that nationwide home prices will increase by 4.3 percent on a year-over-year basis from December 2017 to December 2018, and on a month-over-month basis home prices are expected to decrease by 0.4 percent from December 2017 to January 2018.

“The number of homes for sale has remained very low,” CoreLogic’s chief economist Frank Nothaft said in a statement. “Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

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, 35 percent of metropolitan areas have an overvalued housing market as of December 2017.

Also, as of December, 28 percent of the top 100 metropolitan areas were undervalued and 37 percent were at value. When looking at only the top 50 markets based on housing stock, 48 percent were overvalued, 14 percent were undervalued and 38 percent were at value.

The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. CoreLogic ranks the Boston metro area as “at value.”

“Home prices continue to rise as a result of aggressive monetary policy, the economic and jobs recovery and a lack of housing stock. The largest price gains during 2017 were in five Western states: California, Idaho, Nevada, Utah and Washington,” Frank Martell, president and CEO of CoreLogic, said in a statement. “As home prices and the cost of originating loans rise, affordability continues to erode, making it more challenging for both first-time buyers and moderate-income families to buy. At this point, we estimate that more than one-third of the 100 largest metropolitan areas are overvalued.”