According to the CoreLogic Home Price Index Report, national home prices saw a year-over-year increase of 5.4% in May — up from a 3.6% gain in April 2019. CoreLogic attributes the growth to a decrease in housing supply because of the pandemic.

"Tight supply and pent-up demand, particularly among millennials, provides optimism for a bounce-back in the housing market purchase activity and home prices over the medium term," said Frank Nothaft, CoreLogic's chief economist.

However, the report predicts the economic fallout caused by the virus will cause a reversal of sorts in the months to come. The CoreLogic report followed a similar Bank of America forecast, from early April.

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More data shows that rising house prices won't last — the dip is coming