Home prices rose 10.5% in March, compared with the same month a year ago, the largest monthly increase since March 2006, according to research firm CoreLogic Inc. (NYSE: CLGX). The firm had previously forecast a rise of 10.2%, equal to the index jumps in January and February. The data include sales of distressed properties.
Month-over-month, March prices rose 1.9%, including distressed home sales. Excluding distressed sales, March prices rose 2.4% compared with February, and the year-over-year price also rose by 10.7%.
CoreLogic expects April housing prices to rise another 9.6% year-over-year and to rise by 1.3% month-over-month. Excluding distressed sales, CoreLogic’s year-over-year increase for April is forecast at 12% and the month-over-month estimate is forecast to rise by 2.7%.
The company’s CEO noted:
Home prices continue to rise at a double-digit rate in March led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue. Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.
Including distressed sales, home prices rose the most in Nevada (prices up 22.2%), California (17.2%), Arizona (16.8%), Idaho (114.5%) and Oregon (14.3%). Excluding distressed sales, the biggest gains were posted in Nevada (20.8%), California (16.8%), Idaho (16.3%), Arizona (15.1%) and Hawaii (14.3%).
Among the 100 largest U.S. cities, 88 showed a year-over-year increase in home prices. The largest gains (including distressed properties) came in the Phoenix area (up 18.8%), Los Angeles (16.7%), Riverside, Calif. (14.8%), Atlanta (14.2%) and Houston (7.9%).
The CoreLogic March report is available here.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
