The CoreLogic Home Price Index increased 7 percent year-over-year and 1 percent month-over month, according to the CoreLogic U.S. Home Price Insights Report.
This is the 61st month of consecutive year-over-year HPI increases. Single-family home prices in February were 3.8 percent below their peak values set in April 2006, the report said.
“Home prices and rents have risen the most in local markets with high demand and limited supply, such as Seattle, Portland and Denver,” said CoreLogic Chief Economist Frank Nothaft in a statement. “The rise in housing costs has been largest for lower-tier-priced homes.”
The states reporting the highest year-over-year home price increases in February were Washington, 11.1 percent; Oregon, 10 percent; Colorado, 9.1 percent; Idaho, 8.8 percent; and Utah, 8.7 percent.
The states furthest from peak values in February were Nevada, down 31.7 percent; Connecticut, down 20.8 percent; Florida, down 20.4 percent; West Virginia, down 20.2 percent; and Arizona, down 20 percent.
