Home prices in 2013 rose at their fastest annual pace since 2005, CoreLogic reports.
On an annual basis, home prices nationwide, including distressed sales, jumped 11 percent in December 2013, but slipped 0.1 percent on a monthly basis, according to the CoreLogic Home Price Index (HPI).
CoreLogic’s forward-looking price index — the CoreLogic Pending HPI — forecast that prices, including distressed sales, will dip 0.8 percent month over month in January. But the index still foresees home prices rising 10.2 percent on an annual basis that month.
“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks,” said Mark Fleming, chief economist at CoreLogic. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.”