Home Prices Jump 11.1 Percent, But Nowhere Near Peak

Home prices increased 11.1 percent in the period starting March 2013 and ending March 2014, according to a report released by global property research group CoreLogic.

Still, home prices including distressed sales are 16 percent below their peak in April 2006. And from February to March, home prices only increased 1.4 percent. CoreLogic predicts a 0.8 percent increase between March and April 2014.

"March data on new and existing home sales was weaker than expected and is a cause for concern as we enter the spring buying season," said Mark Fleming, chief economist for CoreLogic, in a statement. "Interest rate-disenfranchised potential sellers are adding to the existing shadow inventory, while buyers who can't find what they want to buy are on the sidelines creating a new kind of 'shadow demand.' This supply and demand imbalance continues to drive home prices higher, even though transaction volumes are lower than expected."

Twenty-three states and the District of Columbia are at or within 10 percent of their peak, the report said. The largest year-over-year appreciations in March were from the states of California, Nevada, Georgia, Hawaii and Oregon. But Nevada is also the state furthest away from its peak.