Home prices in April were 6.2% higher than a year ago, according to the CoreLogic U.S. Home Price Report.
CoreLogic said Tuesday that home prices also rose 1.8% from March's Home Price Index value. While prices have been on a steady upward climb, CoreLogic chief economist Frank Nothaft indicated that will likely change.
"Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets," Nothaft said in a news release. "An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year."
At a state level, Washington and Oregon experienced the greatest appreciation from last year, with home prices going up 10.6% and 10.3%, respectively. Connecticut was the only state where prices fell year-over-year, dropping 0.5% from their 2015 level in April.
CoreLogic noted that it expects home prices to increase 0.9% between April and May 2016 and 5.3% on an annual basis between April 2016 and April 2017.
