January Sets a Record Year-over-Year Increase in Home Prices
According to data from CoreLogic, home prices experienced an increase of 12% in the timeframe between January 2013 and January 2014, marking a 23rd consecutive month of increases in the Home Price Indexe (HPI).
Average prices in January grew by 0.9%. Compared to last year, only three states (Texas, Nevada and Louisiana) set new January peaks, but that can be attributed to the fact that their average yearly appreciation for 2013 was below the nation’s average. For 19 other states and D.C. the results were “within 10 percent of their peak prices”.
On a year-over-year basis, all 50 states recorded an increase when you exclude distressed sales. When distressed sales are included, Mississipi becomes the only state to register a drop in home prices (0.3 percent).
CoreLogic’s prediction for February is that we will see an year-over-year increase of 12.5%.
Read the full story at Mortgage News Daily.