February Home Prices Rose 6.8% on Yearly Basis: CoreLogic

Home prices rose in February in both yearly and monthly comparisons, according to CoreLogic.

Nationwide home prices rose 6.8% on a yearly basis, CoreLogic said in its monthly Home Price Index. Home prices rose 1.1%, compared to January. Both figures include distressed sales. CoreLogic issued the index in a Tuesday news release.

Prices should rise by 5.2% over the 12 months ending in February 2017, CoreLogic said. From February 2016 to March 2016, prices should increase by 0.6%.

"Home prices continue to rise across the U.S. with every state posting year-over-year gains during the last 12 months," Anand Nallathambi, president and CEO of CoreLogic, said in the release. "Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000."

"Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period," said Frank Nothaft, chief economist for CoreLogic. "These economic forces will sustain home purchases during the spring and support the 5.2% home price appreciation CoreLogic has projected for the next year."