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Strongest Growth in U.S. Home Prices Since 2006

Strongest Growth in U.S. Home Prices Since 2006

Home prices in the U.S. increased in January by the strongest margin in seven years, according to CoreLogic. 

In January, national home prices, including distressed sales, increased 12 percent from the previous year, marking the 23rd consecutive month of yearly increases. On a monthly basis, home prices grew by 0.9 percent.  

Severe weather conditions have hindered the recovering housing market, analysts say. However, the weather didn't have a negative affective on home prices in January. 


Dr. Mark Fleming

"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Dr. Mark Fleming, chief economist for CoreLogic. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."

Last month the National Association of Realtors reported the national median existing-home price was $188,900 in January, increasing 10.7 percent year-over-year. 

Including distressed sales, Louisiana, Nebraska and Texas surpassed their previous home price peaks in January, CoreLogic reports. Nationwide, 22 states and the District of Columbia are at or within 10 percent of their peak home price appreciation. 

In the past year, home prices in seven states equaled or grew faster than the nation as a whole, including Nevada, California, Oregon, Michigan, Georgia, Arizona and Florida.

"Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January," said Anand Nallathambi, president and CEO of CoreLogic. "Nationwide price growth like this should continue as the market comes out of hibernation for the spring buying season."

Looking ahead, CoreLogic forecasts home prices, including distressed sales, will increase 12.5 percent in February, compared to the previous year. They are expected to increase 0.7 percent on a monthly basis.  

More from the report:

YoY HPI Growth for 25 Highest Rate States Since 1976.gif

CoreLogic HPI January 2014.gif

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