But the gains are not expected to last as effects of the coronavirus pandemic begin to show on the housing market, according to a new CoreLogic report released Monday
The 5.5% growth is an unexpected turnaround from the start of the pandemic
Historically low mortgage rates continue to draw in first-time buyers even amid the difficulties wrought by the pandemic
Nationwide delinquency rates were at 6.1% in April, signaling a troubling trend ahead
In May, nationwide home prices rose by 4.8% compared to the same time last year
3.6% of mortgages were in some stage of delinquency, the same as in February
April home values rose by 5.4% year over year and 1.4% from the previous month, according to the latest data from CoreLogic
Home prices rose 4.5% in March even as closed home sales fell
Because sales typically represent contracts that were signed in the previous two months, CoreLogic expects the pandemic's effects will start to show in the April data
'With unprecedented low rates and constrained supply, the housing market should continue to do well,' said Frank Martell, president and CEO of CoreLogic
Idaho, Maine and Wyoming experienced the highest price growth in the country
In October, 3.7% of homeowners fell delinquent on their mortgage payments
In September, just 3.8% of mortgages were in some stage of delinquency while 0.4% of mortgages were in the foreclosure process
In September, home prices grew by 3.5% year-over-year
Only 3.6% of mortgages were in some stage of delinquency in April, according to a CoreLogic study released Tuesday