For the 48th month in a row, national home price appreciation has seen year-over-year gains according to CoreLogic’s U.S. Home Price Insights Report for February. Including distressed sales, home price appreciation rose by 6.8% compared to February 2015. On a month-over-month basis, home prices were 1.1% greater. In March, CoreLogic predicts home prices to rise by 0.6% compared to February.
Dr. Frank Nothaft, CoreLogic’s Chief Economist, stated, “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. These economic forces will sustain home purchases during the spring and support the 5.2 percent home appreciation CoreLogic has projected for the next year.”
Included in the top five states with the greatest year-over-year increases in home price appreciation in January was the State of Washington. The state saw a 12.4% increase when including distressed sales. In February, Washington’s home price appreciation grew by 1.4% compared to January and was 11.6% higher than in February 2015. Idaho (+8.4%), Montana (+5.0%), and Wyoming (+2.5%) once again had year-over-year increases in home price appreciation as well. Read more at http://bit.ly/1oR0Y1G.