Home prices posted their biggest annual increase in seven years in March, according to analytics firm CoreLogic.
Home prices jumped 10.5 percent year over year in March compared to a year earlier, and rose 1.9 percent from February, marking the 13th consecutive monthly increase, according to the CoreLogic Home Price Index (HPI). Excluding distressed sales, prices leaped 10.7 percent year over year and 2.4 percent on a monthly basis, the HPI found.
“Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale,” said Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic expects home prices including distressed sales to increase by 9.6 percent on an annual basis and 1.3 percent month over month in April. Excluding distressed sales, the predicted April price increase rises significantly: those prices should jump 12 percent from a year before and 2.7 percent month over month, according to the CoreLogic Pending HPI. Source: CoreLogic