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TH E M R EP O RT | 53 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Housing Shutout The effects of rising home prices are being felt most in the affordable home segment preferred by millennials. H ome prices across the U.S. increased by 6.6 percent on a year over year basis in January 2018 according to the monthly CoreLogic Home Price Index. On a month-over-month basis, the home prices rose 0.5 percent between December 2017 and January 2018. The report provides an early indication of home price trends and projects HPI levels for single- family homes excluding distressed sales and covers national, state, and metro level data such as home price indices, home price forecast and market condition indicators. Nationally, the report fore - casted a home price growth of 4.8 percent on an annual basis, while home prices were expected to remain flat between January and February 2018. The effects of rising home prices are being felt the most in the affordable home segment, according to Frank Nothaft, Chief Economist at CoreLogic. "Entry-level homes have been in particularly short supply, leading to more rapid home-price growth compared with more expensive homes," he said. "Homes with a purchase price less than 75 per - cent of the local area median had price growth of 9 percent during the year ending January 2018." Four states experienced double-digit increases in home prices in January according to the report. While home prices in Washington grew 12.1 percent, Nevada name, a growth of 11.3 percent followed by 10.8 percent in Utah, and 10.3 percent in Idaho. The data also indicated that half of the 50 largest metro areas covered by CoreLogic for this re - port were overvalued. The report said, 48 percent were overvalued, 14 percent were undervalued and 38 percent were at value. "CoreLogic has identified nearly one-half of the 50 largest metropolitan areas as overvalued. Millennials who are looking to be - come first-time homeowners find it particularly challenging to find an affordable home in these areas," said Frank Martell, President, and CEO of CoreLogic. "Our projec - tions continue to show tightness in the entry-level market for the fore- seeable future, which could further prevent millennials from purchas- ing homes in 2018 and 2019, even as much of that generation reaches its prime home-buying years." Of the largest metros that showed a price rise, Las Vegas led the way in home price rise with a growth of 11.7 percent year over year, followed by San Francisco with a growth of 10.2 percent. Denver with 8.4 percent growth was followed by San Diego and Los Angeles that grew at 7.9 per - cent and 7.8 percent respectively. "Entry-level homes have been in particularly short supply, leading to more rapid home- price growth compared with more expensive homes." — Frank Nothaft, Chief Economist, CoreLogic Ladies First Young women are closing the gap for job-related moves. I n 2017, 34.9 million Americans changed residence. At 10.9 percent household mobility rate, that the lowest moving rate that has been seen around the U.S. since the Census Bureau began keeping track of migra - tion trends, according to research released by Trulia. The research, which analyzed the reasons why people move with an eye on the millennial age-group found that 38.4 percent of 18 to 34-years old millennials lived with their parents or relatives, up from 28.7 percent in 1962. However, it noted that this slow movement has been seen across all age-groups and not only with millennials. In fact, when it came to mil - lennials, it was independence, rather than traditional factors like a marriage that made them think of moving out. Young women were closing the gap for job-related moves, with young women mov - ing for a job rising 5 percentage points in 2017, compared to 2000. The research found that the proportion of moves made by each age-group has remained rela - tively constant over the years. It said that people under the age of 35 made up for the most substan- tial proportion of moves in 2017 and were 19 percent more likely to move than Americans aged 35 to 54 and 32 percent more likely to re-locate than Americans aged 55 or older. The study found that 18 percent of millennials wanted to move to establish their own households, while 16.1 percent wanted new or better housing. Around 11.9 percent millennials moved because of a new job or job transfer. At around 7 percent each, easier commute and cheaper housing ranked as one of their least likely reasons to move. Pointing out that young Americans were twice as likely as their older counterparts to move because they wanted to establish households, the study said that in 2000 young adults moving to establish their own homes moved 2.5 times more frequently than they did because of getting mar - ried. This number had risen to 4.2 times in 2017. The report also found that mil- lennials are rebounding from the effects of the recession and moving for positive reasons such as to own instead of rent, or for better housing.