Home Prices Surge by Double-Digit Rates
Home values are in the rise, increasing by the largest year-over-year amount since March 2006, according to the latest data from CoreLogic’s housing report. Home prices, including distressed sales, rose 10.5 percent in March year-over-year. It marked the 13th consecutive month for home-price increases, CoreLogic reported.
When excluding distressed sales, home prices rose 10.7 percent in March year-over-year in CoreLogic’s index. By comparison, the National Association of REALTORS®’ median price for all housing types in its March existing-home sales index was 11.8 percent higher than it was March 2012.
“Home prices continue to rise at a double-digit rate in March, led by strong gains in the western region of the U.S.,” says Anand Nallathambi, president and CEO of CoreLogic. “Much of the price increases we are seeing are the result of rising demand among investors and home buyers for a still-limited supply of homes for sale.”
The five states with the highest home-price appreciation in March (including distressed sales) are:
- Nevada: +22.2 percent
- California: +17.2 percent
- Arizona: +16.8 percent
- Idaho: +14.5 percent
- Oregon: +14.3 percent
CoreLogic’s pending index is showing the pace of home-price appreciation is expected to post a strong rise in April too, up possibly 12 percent year-over-year.
The CoreLogic pending index is based on multiple listing service data.