Home prices across the country, including distressed sales, saw a 6.8% year-over-year increase in February, and a 1.1% increase month over month, according to CoreLogic’s Home Price Index.
And the analytics firm predicts continued appreciation throughout 2016.
“Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period,” said Dr. Frank Nothaft, chief economist for CoreLogic. “These economic forces will sustain home purchases during the spring and support the 5.2% home price appreciation CoreLogic has projected for the next year.”
“Home prices continue to rise across the U.S. with every state posting year-over-year gains during the last 12 months,” said Anand Nallathambi, president and CEO of CoreLogic. “Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000.”
Home prices continued to rise nationwide in February, according to new data from CoreLogic.