Based on CoreLogic's latest Home Price Index (HPI) for March 2016, US home prices are up both year over year and month over month.

Home prices nationwide, including distressed sales, increased year over year by 6.7% in March 2016 compared with March 2015 and they also increased month over month by 2.1% in March 2016 compared with February 2016, according to the Index.

The CoreLogic Forecast also predicts that home prices will increase by 5.3% between March 2016 and March 2017, and by 0.7% between March 2016 and April 2016.

“Housing helped keep US economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012,” said Dr. Frank Nothaft, chief economist for CoreLogic.

“Low interest rates and increased home building suggest that housing will continue to be a growth driver. Home prices reached the bottom five years ago, and since then have appreciated almost 40%”, added Anand Nallathambi, president and CEO of CoreLogic.