Despite unusually cold weather, home prices in January raced upwards at a clip not seen since the height of the housing boom, CoreLogic reported.
Home prices nationwide, including distressed sales, jumped 12 percent year over year in January, and were up 0.9 percent on a monthly basis, according to the CoreLogic Home Price Index (HPI).
“Polar vortices and a string of snowstorms did not manage to weaken house price appreciation in January,” said Mark Fleming, chief economist for CoreLogic, in a statement. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”
The rate home of price appreciation isn’t likely to cool in February, according to firm. The CoreLogic Pending HPI projects home prices to rise 0.7 percent month over month and 12.5 year over year.