Home Prices Remain 30% Below Peaks in Nevada, Florida, Rhode Island

Housing

Published: April 7, 2015 10:05 am

Last Updated: April 27, 2020 11:05 pm

Home prices in the United States rose for the 36th consecutive month in February, but the increases continue to moderate. Compared with February of 2014, home prices rose 5.6%, including the sales of distressed properties. Month over month, February home prices rose by 1.1% from January prices, identical with the increase from December to January.

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (35.4%), Florida (32.4%), Rhode Island (29.6%), Arizona (28.4%) and Connecticut (24.7%). The data were released Tuesday by research firm CoreLogic. Peak home prices occurred in April 2006.

Including sales of distressed properties, the five states posting the largest year-over-year price increases in February were Colorado (9.8%), South Carolina (9.3%), Michigan (8.5%), Texas (8.5%) and Wyoming (8.4%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were South Carolina (9.7%), New York (9.2%), Colorado (9.0%), Texas (7.9%) and Florida (7.8%).

CoreLogic’s CEO said:

This is the hottest home price appreciation prior to the spring selling season in nine years. Assuming a benign interest rate environment and continued strong consumer confidence, we expect home prices to rise by an additional five percent over the next twelve months.

ALSO READ: The Happiest (and Most Miserable) Cities in America

CoreLogic has forecast that home prices will rise 0.6% month-over-month in March and rise by 5.1% for the 12 months between February 2015 and February 2016. Both projections include distressed sales.

Home prices for low-end homes have grown at nearly double the rate of growth for high-end homes, up 9.3% compared with a rise of 4.8% on high-end homes. CoreLogic’s chief economist noted that a decline in the “affordable inventory has led to a stabilization in home price growth.”

Travel Cards Are Getting Too Good To Ignore (sponsored)

Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.

We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.

It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.

We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.