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Home prices climbed higher for the 14th straight month and displayed another impressive double-digit annual gain, according to CoreLogic’s Home Price Index (HPI) report.
When including distressed sales, prices were up 12.1 percent in April compared to a year ago CoreLogic reported the increase in April marks the biggest annual gain since February 2006. From March to April, home prices ticked up by 3.2 percent.
“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 percent or more,” said Dr. Mark Fleming, chief economist for CoreLogic.
Looking ahead, CoreLogic’s Pending HPI projects an even greater annual escalation in May of 12.5 percent. Month-over-month, home prices are expected to rise by 2.7 percent.
“The pace of the housing market recovery quickened in April as home prices rose across the U.S.,” added Anand Nallathambi, president and CEO of CoreLogic. “For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent up buyer demand.”
However, when including distressed sales, two states experienced annual price declines in April: Mississippi (-1.7) and Alabama (-1.6 percent).
CoreLogic’s index found the annual price increase for Nevada was more than double the national gain at 24.6 percent. Other states in the top five were California (+19.4 percent), Arizona (+17.3 percent), Hawaii (+17 percent), and Oregon (+15.5 percent).
Over the last year, CoreLogic also reported 94 out of the top 100 metro areas saw prices move in a positive direction.
Among the metro areas, Los Angeles and Phoenix led with the biggest year-over-year gain, each at 19.2.
Atlanta and Riverside tied with the second biggest annual gain of 16.5 percent, while Dallas’ 10.2 percent increase placed it at No. 5.
By: Esther Cho