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CoreLogic: Home prices move higher in April
IRVINE, Calif. – June 2, 2015 – CoreLogic’s April 2015 Home Price Index (HPI) finds that home prices (including distressed sales) increased by 6.8 percent year-to-year in April 2015 compared with April 2014. It’s the 39th month in a row for year-to-year price increases.
On a month-to-month basis, home prices nationwide increased 2.7 percent in April.
The CoreLogic HPI Forecast indicates that home prices will rise by 5.3 percent over the next year. Excluding distressed sales from the calculation, home prices are projected to increase by 4.9 percent by April 2016.
“For the first four months of 2015, home sales were up 9 percent compared to the same period a year ago,” says Frank Nothaft, chief economist for CoreLogic. “One byproduct of the increased sales activity is rising house prices, and, as a result, month-over-month home prices are up almost 3 percent for April 2015 and up more than 6 percent from a year ago.”
“Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up,” said Anand Nallathambi, president and CEO of CoreLogic. “Over the longer term, household formation, up by more than one million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas. This should provide the necessary underpinning for rising prices for the foreseeable future.”
April 2015 highlights
Including distressed sales, the five states with the highest home price appreciation were: South Carolina (+11.4 percent), Colorado (+9.7 percent), Washington (+9.1 percent), Florida (+9 percent) and Texas (+8.3 percent).
Excluding distressed sales, the five states with the highest home price appreciation were: South Carolina (+10 percent), Florida (+9.5 percent), Colorado (+9.3 percent), Washington (+8.7 percent) and Texas (+8.2 percent).
The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-33.9 percent), Florida (-29.3 percent), Rhode Island (-28.2 percent), Arizona (-26.2 percent) and Connecticut (-24.8 percent).
© 2015 Florida Realtors®
