Home Prices Pick Up at Fastest Pace in 7 Years
Home prices nationwide, which includes distressed sales, soared 10.2 percent year-over-year, according to CoreLogic’s February report. It’s the largest year-over-year increase in home prices since March 2006. It also marks the twelfth consecutive monthly increase in national home prices, according to CoreLogic’s report.
When excluding distressed sales, home prices rose 10.1 percent year-over-year in February, according to CoreLogic.
“Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” says Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic predicts that home prices — excluding distressed sales — will likely rise 11.4 percent year-over-year from March 2012.
“The rebound in prices is heavily driven by western states,” says Mark Fleming, CoreLogic’s chief economist. “Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list.”
The five states with the highest price appreciation as of February 2013, according to CoreLogic, were:
- Nevada (+19.3%)
- Arizona (+18.6%)
- California (+15.3%)
- Hawaii (+14.6%)
- Idaho (+13.5%)