While home prices have not seen double-digit gains for a while, home price appreciation continued to move upward into 2015 according to CoreLogic’s January Home Price Index report. January’s national home price appreciation, including distressed sales, rose 5.7% compared to the same time a year ago. On a month-over-month basis, January’s national home price appreciation increased by 1.1% compared to December.
CoreLogic’s President and CEO, Anand Nallathambi, stated, “A dearth of supply in many parts of the country is a big factor driving up prices. Many homeowners have taken advantage of low rates to refinance their homes, and until we see sustained increases in income levels and employment they could be hunkered down so supplies may remain tight. Demand has picked up as low mortgage rates and the cut in the FHA annual insurance premium reduce monthly payments for prospective homebuyers.”
In the top five states that saw the greatest home price appreciation in January was Wyoming. Rising 8.3% on a year-over-year basis, Wyoming’s home price appreciation reached a new peak date for a third time since October 2014. Including distressed sales, year-over-year home price appreciation gains were also seen in Idaho (+3.9%), Montana (+6.9%), and Washington (+6.8%). Read more at http://bit.ly/1NgVNRe.