IRVINE, Calif. (3/4/15)--Home prices surged by 5.7% in January on a year-over-year basis, according to CoreLogic's Home Price Index report.
That marks the 35th consecutive month of annual home price appreciation (Housingwire.com March 3).
"House-price appreciation has generally been stronger in the western half of the nation and weakest in the mid-Atlantic and northeast states," said Frank Northaft, CoreLogic chief economist. "In part, these trends reflect the strength of regional economies."
Colorado and Texas have experienced stronger job creation and with it, 8% to 9% home price appreciation over the past 12 months, Northaft said.
"In contrast, values were flat or down in Connecticut, Delaware and Maryland in our overall index, including distressed sales," he said.
Including distressed sales, 27 states and Washington, D.C., sit within 10% of their peak, according to the report. Further, New York, Wyoming, Texas and Colorado all reached record highs in the home price index in January.
Excluding distressed sales, home prices climbed 5.6% in January on a year-over-year basis and 1.4% on a monthly basis.
"A dearth in supply in many parts of the country is a big factor driving up prices," said Anand Nallathambi, CoreLogic president/CEO (Housingwire.com). "Many homeowners have taken advantage of low rates to refinance their homes, and until we see sustained increases in income levels and employment they could be hunkered down so supplies may remain tight."