Housing
Home Prices Rising Fastest in Colorado and South Carolina
Published:
Last Updated:
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.
Home prices in the United States rose for the 37th consecutive month in March, and the monthly increase ticked up at a higher rate. Compared with March of 2014, home prices rose 5.9%, including the sales of distressed properties. The year-over-year February increase was 5.6%. March home prices rose by 2.0% from February prices, which had risen 1.1% over January prices.
The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (34.7%), Florida (31.5%), Rhode Island (29.0%), Arizona (27.4%) and Connecticut (25.5%). 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 March were Colorado (9.2%), South Carolina (9.1%), Kansas (8.0%), Texas (8.0%) and Nevada (7.6%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Kansas (9.5%), Colorado (8.5%), South Carolina (8.2%), Florida (7.9%),and Texas (up 7.6%).
ALSO READ: Buying a House Causes More Anxiety Than Getting a Root Canal
CoreLogic’s CEO said:
All signs are pointing toward continued price appreciation throughout 2015. In fact, the strong month-over-month gain in March may be a harbinger of accelerating price appreciation as we enter the spring selling season. Tight inventories, job growth and the inexorable impact of demographics and household formation are pushing price levels in many states, and especially large metropolitan areas like Dallas, Denver, Houston, Seattle, and San Francisco, toward record levels.
CoreLogic has forecast that home prices will rise 0.8% month-over-month in April and rise by 5.1% between March 2015 and April 2016. Both projections include distressed sales.
In its latest report based on a survey of senior loan officers, the Federal Reserve noted:
Regarding loans to households, banks reported having eased lending standards for a number of categories of residential mortgage loans over the past three months on net. Most banks reported no change in standards and terms on consumer loans. On the demand side, moderate net fractions of banks reported stronger demand across most categories of home-purchase loans. Similarly, respondents experienced stronger demand for auto and credit card loans on balance.
Banks are willing to lend and buyers are willing to borrow. Now inventory just has to catch up.
ALSO READ: 9 States Running Out of Water
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.