CoreLogic: U.S. Homes Prices Rose 5.9 Percent In March

U.S. home prices, including distressed sales, increased by 5.9 percent in March 2015 compared with March 2014, according to a new report from real estate data and analytics provider CoreLogic.. This is the 37th consecutive month of year-over-year price increases in CoreLogic’s Home Price Index (HPI).  On a month-over-month basis, home prices nationwide, including distressed sales, increased by 2 percent in March 2015 compared with February 2015.*

Including distressed sales in March, 27 states plus the District of Columbia were at or within 10 percent of their peak prices. Seven states, including Colorado, Nebraska, New York, Oklahoma, Tennessee, Texas and Wyoming, reached new home price highs since January 1976 when the CoreLogic HPI started.

Excluding distressed sales, home prices increased by 6.1 percent in March 2015 compared with March 2014 and increased by 2 percent month over month compared with February 2015. Excluding distressed sales, only New Mexico (0.4 percent) showed year-over-year depreciation in March. Distressed sales include short sales and real estate-owned (REO) transactions.

CoreLogic predicts that home prices will increase by 0.8 percent month over month from March 2015 to April 2015 and 5.1. percent by this time next year.

“The homes for sale inventory continues to be limited while buyer demand has picked up with low mortgage rates and improving consumer confidence,” Frank Nothaft, chief economist for CoreLogic, said in a statement.“As a result, there has been continued upward pressure on prices in most markets, with our national monthly index up 2 percent for March 2015 and up approximately 6 percent from a year ago.”

Including distressed sales, the five states with the highest home price appreciation were: Colorado (9.2 percent), South Carolina (9.1 percent), Kansas (8 percent), Texas (8 percent) and Nevada (7.6 percent).

Connecticut was one of only two states and the District of Colombia to see home prices drop in March, including distressed sales. Connecticut prices declined 0.6 percent, ranking dead last among the states. Excluding distressed sales, Nutmeg State home prices rose 2.4 percent in March.

Connecticut was also among the top 5 states with the steepest drop between their peak home prices and their current home prices, with values still 25.5 percent below peak. The others are Nevada (-34.7 percent), Florida (-31.5 percent), Rhode Island (-29 percent), and Arizona (-27.4 percent).

Of the top 100 largest metro areas as calculated by the U.S. Census, 90 saw home price increases during the month. However, of the 10 that saw prices decline, two were in Connecticut: the Hartford metro area and the New Haven metro area. The others were Baltimore, Md; Philadelphia, Pa.; Camden, N.J.; New Orleans, La.; Rochester, N.Y.; Worcester, Mass.; Albany, N.Y.; and Wilmington, Del.

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