Home Prices Pick Up Steam as Spring Selling Season Heats Up, CoreLogic Says

10 June 2017

Home Prices Pick Up Steam as Spring Selling Season Heats Up, CoreLogic Says

Realtor.com

10 June 2017

U.S. home prices marched higher in April, with the strongest gains in the West, according to a recent report.

The national home price index from data provider CoreLogic was 6.9% higher than a year ago, and 1.6% higher than in March. Washington was the hottest state for prices, notching a 12% annual gain. Consumer prices rose just 2.2% in the 12 months ending April, according to the Labor Department.

Only three states saw yearly declines.

State Yearly home price change
Alabama 6.6%
Alaska -0.2%
Arizona 6%
Arkansas 6%
California 5.9%
Colorado 8.8%
Connecticut 0.4%
Delaware -0.2%
District of Columbia 5%
Florida 6.4%
Georgia 5.6%
Hawaii 6.1%
Idaho 6.8%
Illinois 5%
Indiana 5.8%
Iowa 2.3%
Kansas 3.1%
Kentucky 3.4%
Louisiana 4.7%
Maine 0.2%
Maryland 3.3%
Massachusetts 6.1%
Michigan 8.7%
Minnesota 6%
Mississippi 0.4%
Missouri 4.9%
Montana 4.4%
Nebraska 5.3%
Nevada 6.7%
New Hampshire 6.7%
New Jersey 2.9%
New Mexico 2%
New York 7.2%
North Carolina 5.7%
North Dakota 2.8%
Ohio 3.4%
Oklahoma 1.2%
Oregon 9.1%
Pennsylvania 3.2%
Rhode Island 4.9%
South Carolina 5.8%
South Dakota 2.5%
Tennessee 5.1%
Texas 4.8%
Utah 10.1%
Vermont 2.1%
Virginia 2.3%
Washington 12%
West Virginia 0.3%
Wisconsin 7%
Wyoming -3.9%

The frenzied spring selling season is helping nudge prices higher, CoreLogic said. Home purchase pricing is outpacing rent growth for single-family homes.

CoreLogic forecasts national home price growth of 5.1% in the coming 12 months. But an earlier MarketWatch analysis shows that pricing forecasts have often fallen short of the reality in the high-flying housing market.