Home Prices Rise Fastest in South Carolina and Colorado

Including sales of distressed properties, the five states posting the largest year-over-year price increases in April were South Carolina (11.4%), Colorado (9.7%), Washington (9.1%), Florida (9.0%) and Texas (8.3%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were South Carolina (10.0%), Florida (9.5%), Colorado (9.3%), Washington (8.7%) and Texas (up 8.2%).

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (33.9%), Florida (29.3%), Rhode Island (28.2%), Arizona (26.2%) and Connecticut (24.8%). The data were released Tuesday by research firm CoreLogic. Peak home prices occurred in April 2006.

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CoreLogic’s CEO said:

Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up. We expect continued appreciation throughout 2015 and into next year. Over the longer term, household formation, u by more than one million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas. This should provide the necessary underpinning for rising prices for the foreseeable future.

CoreLogic has forecast that home prices will rise 1.1% month over month in May and rise by 5.3% between April 2015 and April 2016. Both projections include distressed sales.