Home prices nationwide increased 12 percent in January 2014 compared to the same month in 2013. That change represents 23 months of consecutive year-over-year increases in home prices nationally, according to CoreLogic, a leading residential property information, analytics and services provider. The company released its January CoreLogic Home Price Index report Tuesday.
At the state level, Louisiana, Nebraska and Texas surpassed their previous home price peaks in January 2014. In all, 22 states and the District of Columbia are at or within 10 percent of their peak home price appreciation. Additionally, over the past year, seven states equaled or grew faster than the nation as a whole, including Nevada, California, Oregon, Michigan, Georgia, Arizona and Florida.
The CoreLogic Pending HPI indicates that February 2014 home prices are projected to increase 12.5 percent year over year from February 2013. On a month-over-month basis, home prices are expected to increase 0.7 percent from January 2014 to February 2014. "Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," Mark Fleming, chief economist for CoreLogic, said 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."
To access the full report, click here.
