Nationwide home prices including distressed sales were up 10.5% year-over-year in March, according to CoreLogic’s latest home price report. On a monthly basis home prices were up 1.9%.
This was the thirteenth straight monthly rise, and the fastest pace of increase since March 2006. Ex-distressed sales, home prices were up 10.7% year-over-year and 2.4% on the month.
“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 per cent year over year,” said Dr. Mark Fleming, chief economist at CoreLogic in a press release. Home prices are being driven by demand from investors and homebuyers even as supply stays tight.
Here are some details from the report:
- Including distressed sales Nevada had the biggest home price gain at 22.2%. The other top five states include California, Arizona, Idaho, and Oregon.
- Delaware, Alabama, Illinois, and West Virginia were the only four states to see home prices decline.
- Ex-distressed sales home prices were up the most in Nevada, up 20.8%. The other states in the top five include California, Arizona, Idaho and Hawaii. No state posted a decline in home prices when looking at ex-distressed sales.
- Home prices are expected to rise 9.2% year-over-year including distressed sales. Ex-distressed sales, they are expected to rise 12% on the year.
Here’s a look at the home price index from January 2002 on: