Home prices (including distressed sales) climbed 12.1% year-over-year in April, according to Corelogic’s latest home price report. Home prices were up 3.2% month-over-month in April.
This was the biggest year-over-year increase since February 2006, and the 14th straight monthly increase. Moreover, on an annual basis, home prices were up in all 50 states for the second straight month.
Ex-distressed sales home prices were up 11.9% on the year, and 3% on the month.
“Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 per cent or more,” said Mark Fleming, CoreLogic CEO in a press release.
Here some details from the report:
- Including distressed sales home prices rose the most in Nevada, up 24.6% and fell the most in Mississippi, down 1.7%.
- Ex-distressed sales home prices climbed the most in Nevada, up 22.6%, and none state saw home prices fall.
- The peak-to-current decline in home prices, from April 2006 to April 2013, was -22.4%.
- The CoreLogic Pending home price index suggests that May home prices will rise 12.5% on a YoY basis, and 2.7% on a monthly basis.
Here’s a look at home prices from January 2002 on:
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