Home prices in February increased 1.1 percent compared with January home prices, according to CoreLogic’s HPI report.
Prices will rise less than 1 percent between February and March, CoreLogic predicted in its report.
“This is the hottest home price appreciation prior to the spring selling season in nine years,” said Anand Nallathambi, president and CEO of CoreLogic, in the report.
Year-over-year home prices in February increased 5.6 percent. Home prices nationwide are still 12.2 percent below their peak, set in April 2006.
Home prices are expected to increase 5.1 percent from February 2015 to February 2016, according to the report.
Six states—Colorado, New York, North Dakota, Oklahoma, Texas and Wyoming—reached new peaks in the year-over-year home price index. Colorado registered the largest year-over-year home price growth in February with a 9.8 percent increase.
Only one state showed negative year-over-year home price growth in February, Connecticut. It currently ranks fifth of states furthest from the peak HPI value set in July 2006.
