Home Prices Rise 10% in Colorado, Washington in November

Home prices in the United States rose for the 45th consecutive month in November. Compared with November of 2014, home prices rose 6.3%, including the sales of distressed properties. The year-over-year October increase was 6.8%. Month over month, November home prices rose by 0.5% from October prices, which had risen 1% over September prices.

Louisiana, Mississippi and New Mexico were the only states to post negative home price changes in November. Including sales of distressed properties, sales prices in Mississippi were down 3%, Louisiana prices were down 1.6% and New Mexico prices were down 0.7%. Mississippi and Louisiana were the only two states to experience negative changes in October.

The data were released Tuesday by CoreLogic in its Home Price Index report for November.

Including sales of distressed properties, the five states posting the largest year-over-year price increases in October were Colorado (10.4%), Washington (10.0%), Oregon (9.1%), South Carolina (9.0%) and New York (8.6%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (10.4%), Washington (10.2%), Oregon (9.0%), Idaho (8.5%) and Florida (7.9%).
[recirclink id=306712]
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (30.1%), Florida (28.0%), Arizona (24.7%), Rhode Island (24.6%) and Maryland (21.7%).

Peak home prices occurred in April 2006, and current prices remain 7.3% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in May 2017.

CoreLogic’s chief economist said:

Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months. Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets but the northwest and southeast remain on solid footing.

CoreLogic has forecast that home prices will remain flat month-over-month in December and rise by 5.4% between November 2015 and November 2016. Both projections include distressed sales.