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Year-over-year home price gains in March landed in double-digit territory, according to CoreLogic’s Home Price Index (HPI) report.
Home prices—when including distressed sales—rose by 10.5 percent in March compared to the year before, marking the biggest annual gain since March 2006, the data provider reported.
When excluding distressed sales, prices were up by 10.7 percent year-over-year.
“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”
The increase also marks the 13th consecutive month of home price improvements. Month-over-month, prices were up by 1.9 percent from February 2013.
CoreLogic’s pending HPI projects prices in April will show a 9.6 percent annual gain and rise by 1.3 percent month-over-month.
“Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale,” noted Anand Nallathambi, president and CEO of CoreLogic.
The five states that saw the biggest yearly gains were concentrated West. Nevada led with a 22.2 percent increase, followed by California (+17.2 percent), Arizona (+16.8 percent), Idaho (+14.5 percent), and Oregon (+14.3 percent).
Only four states in March experienced annual price declines: Delaware (-3.7 percent), Alabama (-3.1 percent), Illinois (-1.8 percent) and West Virginia (-0.3 percent).
CoreLogic also reported that out of the top 100 metro areas based on population, 88 posted annual gains.
Not surprisingly, Phoenix saw prices rise the fastest over a one-year period ending in March, with rises up by 18.8 percent.
Other metros in the top five included Los Angeles (+16.7 percent), Riverside (+14.8 percent), Atlanta (14.2 percent), and Houston (7.9 percent).