Home prices increased for the first time this March since last July, but remain below year-ago levels, new data from analytics firm CoreLogic shows.
In March, home prices, including the sale of distressed properties, increased 0.6 per cent from a month earlier — but were 0.6 per cent below March 2011 levels.
Excluding distressed property sales, prices increased for the third consecutive month, up 0.9 per cent this March from one year earlier.
“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilisation in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilisation is occurring without the support of tax credits and in spite of a declining share of REO sales.”
CoreLogic attributed the stabilisation to tighter inventory levels which have pushed home prices up in markets like New York, Phoenix, and Washington.
Below, a look at home price changes in the largest metropolitan areas.
Overall changes at the state level.