As home prices are rising across the country for home owners often by double-digit percentages – will likely level off soon, according to CoreLogic’s latest Home Price Index, which reflects February data. The index, which also includes distressed sales, was up 12.2 percent in February compared to year-ago levels. That marked the 24th consecutive month for annual home price increases, according to CoreLogic’s index.
“As the spring home-buying season kicks off, home price appreciation continues to be strong,” says Mark Fleming, CoreLogic’s chief economist. “Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply.”
The National Association of REALTORS®’ most recent existing home value report showed that the median existing-home price for all housing types was $189,000 in February, a 9.1 percent rise over February 2013. “Prices gained have translated into an additional $4 trillion of housing wealth recovery over the past three years,” Lawrence Yun, NAR’s chief economist, said in a statement.
According to CoreLogic’s index, no state had posted negative annual appreciation in February. CoreLogic’s index, including distressed sales, shows the following five states posted the highest annual home price appreciation:
- California: +19.8%
- Nevada: +18.5%
- Georgia: +14.2%
- Oregon: +13.8%
- Michigan: +13.5%
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Source: Corelogic
