- CoreLogic reports national home prices increased annually by 6.2 percent in April 2016.
- Washington, Seattle and Colorado ranked as the top states for price increases.
- Los Angeles outpaced San Francisco for home price increases in April.
- The smallest home price increase was reported in Washington-Arlington-Alexendria DC-VA-MD-WV metro area.
Buyers beware: there’s no slowdown in sight of the nation’s increasing home vaules.
CoreLogic recently released its CoreLogic Home Price Index (HPI) and HPI Forecast data for April 2016, showing home price trends are still on the rise. National home prices increased annually by 6.2 percent in April over the same month the previous year.
Gains were strong month-over-month also, at 1.8 percent.
“The appreciation in home prices over the past year reflects the gathering pace of the recovery in housing in most states and regions in the U.S.,” CoreLogic CEO and President Anand Nallathambi said.
“Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average, with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year.”
Home prices are forecasted to increase 5.3 percent by April 2017. May home prices are forecasted to have risen 0.9 percent month-over-month.
Combining the CoreLogic HPI and economic variables, the CoreLogic HPI Forecast is a projection that is determined on the state level.
The April 2016 12-Month HPI annual change in the Chicago-Naperville-Arlington Heights metro area was 2.3 percent for single-family homes, which was the second slowest moving market reported. The metro is performing better than the state of Illinois as a whole, which only saw a 1.8 percent annual increase in single-family home prices.
The smallest home price increase was reported in Washington-Arlington-Alexendria DC-VA-MD-WV metro area, where prices only increased 0.8 percent. In the District of Columbia, home prices rose 3.1 percent during the same annual period.
In the third-lowest spot was Houston-The Woodlands-Sugar Land, at 3.9 percent. However, the Lone Star State as a whole doesn’t seem to be hit as hard from the oil fall out as Houston. Prices in Texas increased 6.9 percent annually.
Of the 10 markets reported on, Denver-Aurora-Lakewood posted the largest gain of 10.6 percent.
In California, home prices are rising by about 6.6 percent. The Los Angeles metro is faring a bit better.
Los Angeles-Long Beach-Glendale saw an annual increase of 7.3 percent. Home prices are still moderately rising in the San Francisco-Redwood City-South San Francisco metro, but not as fast as they are in Southern California. In April, prices annually increased in the Bay Area metro by 6.4 percent.
Miami-Miami Beach-Kendall saw an uptick of 7.1 percent. The southern hub’s rise in prices was actually slightly lower than the state of Florida’s increase, which was reported at 7.7 percent.
Home prices are also moderately increasing in New York-Jersey City-White Plains, registering a 5 percent bump year-over-year in April. New York State saw a bit higher annual rise in prices at 5.9 percent.