Home prices rose year-over-year in February for the 24th consecutive month, according to a new report from CoreLogic.
Nationwide, home prices were up 12.2% in February compared to the same month a year ago, according to the CoreLogic Home Price Index report. Home prices also rose 0.8% compared to January 2014.
Both figures include distressed sales, which CoreLogic defines as short sales and sales of foreclosed properties. Excluding such transactions, home prices increased 10.7% year-over-year and 0.9% month-over-month.
"As the spring homebuying season kicks off, house price appreciation continues to be strong," Mark Fleming, chief economist for CoreLogic, said in a Tuesday press releaase. "Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply."
The report predicts that March home prices, including distressed sales, will rise 10.5% year-over-year and 0.5% month-over-month.
The five states with the highest home appreciation including distressed sales were California, Nevada, Georgia, Oregon and Michigan. No state posted declines in home prices in February, including or excluding distressed sales.
The CoreLogic Home Price Index draws home price data from 6,993 ZIP codes and 1,239 counties in all 50 states and the District of Columbia.