Home prices in the United States rose for the 49th consecutive month in March. Compared with March of 2015, home prices rose 6.7%, including the sales of distressed properties. The year-over-year February increase was 6.8%. Month over month, March home prices rose by 2.1% from February prices that had risen 1.1% over January prices.
No state posted negative home price changes in March, and 12 states reached new highs: Alaska, Colorado, Hawaii, Louisiana, North Carolina, Nebraska, New York, Oklahoma, Oregon, Tennessee, Texas and Washington.
The data were released Tuesday by CoreLogic in its Home Price Insights Report for March.
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Including sales of distressed properties, the five states posting the largest year-over-year price increases in March were Washington (13.0%), Colorado (10.0%), Oregon (10.0%), Florida (9.3%) and New York (8.2%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Washington (12.6%), Oregon (10.6%), Colorado (9.6%), New York (9.0%) and New Mexico (up 8.7%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (29.7%), Rhode Island (25.9%), Florida (24.9%), Maryland (23.6%) and Arizona (23.4%).
Peak home prices occurred in April 2006 and current prices remain 5.4% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in April 2017.
CoreLogic’s chief economist said:
Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012. Low interest rates and increased home building suggest that housing will continue to be a growth driver.
CoreLogic has forecast that home prices will rise 0.7% month over month in April and rise by 5.3% between March 2016 and March 2017. Both projections include distressed sales.
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