March Posts Another Strong Gain in Home Prices
According to CoreLogic March home prices saw a double digit year-over-year increase.
The Home Prices Index (HPI) grew by 11.1 percent this March compared to the same time last year, making March the “25th consecutive month in which prices have increased compared to the same month one year earlier and the 13th month in which those gains have exceeded 10 percent.”
This number includes the sale of distressed homes. If we exclude them, we get an annual growth of 9.5 percent or a 0.9 percent increase over February. The largest growth was observed in California, where home sales (distressed home sales included) rose by 17.2 percent. Next in line are Nevada with a 15.5 percent increase, followed by Georgia, Hawaii and Oregon with increases of 12.4 percent, 12.3 percent and 12.2 percent respectively. Only Arkansas posted a small decrease of 0.3 percent.
CoreLogic predicts the HPI including distressed home sales will increase by 6.7 from March 2014 to March 2015 and 5.7 percent if distressed sales are excluded.
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