The biggest year-over-year home price increase occurred in six years as values rose 12.1% nationwide in April, according to CoreLogic.
Meanwhile, home prices including distressed sales were up 3.2% on a monthly basis. This represents the 14th straight month where values were higher compared to the previous month.
Home price appreciation was greatest in Nevada, up 24.6% in April from March, the Irvine, Calif.-based data provider’s home price index report revealed. Other states that had notable increases in home values during this time period were California (19.4%), Arizona (17.3%), Hawaii (17%) and Oregon (15.5%).
CoreLogic said Mississippi and Alabama were the only two states that posted month-over-month home price depreciation, as they saw values drop by 1.7% and 1.6%, respectively.
However, all 50 states registered home price gains on a yearly basis. Anand Nallathambi, president and CEO of CoreLogic, said he expects this trend to continue “bolstered by tight supplies and
Of the top 100 core based statistical areas measured by population, 94 showed year-over-year increases in April, led by Los Angeles and Phoenix as both were up 19.2%.
“Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more,” said Mark Fleming, chief economist for CoreLogic.
