CoreLogic: Yearly Home Price Prices Up 6.9%
Sorohan, Mike email@example.com
CoreLogic, Irvine, Calif., said home prices rose both year over year and month over month in January.
The company's Home Price Index report said home prices nationwide, including distressed sales, increased year over year by 6.9 percent in January from a year ago and increased month over month by 1.3 percent from December.
"Heading into the spring buying season, home prices continue to rise across much of the country," said CoreLogic President and CEO Anand Nallathambi. "With rates staying low for now and continued solid job and income growth, the spring buying season is shaping up to be a good one."
Washington had the highest year over year growth (11.6 percent), followed by Colorado (10.9 percent) and Oregon (10.0 percent). Mississippi (-1.3 percent) and Louisiana (-1.1 percent) showed slowest growth.
Looking ahead, the CoreLogic HPI Forecast suggests home prices could increase by 5.5 percent on a year-over-year basis through January 2017 and by 0.5 percent through February.
"While the national market continues to steadily improve, the contours of the home price recovery are shifting," said Frank Nothaft, chief economist with CoreLogic. "The northwest and Rocky Mountain states have experienced greater appreciation and account for four of the top five states for home price growth."