Twenty-seven states, including the District of Columbia, are now at or within 10 percent of their peak home prices, according to CoreLogic’s March Home Price Index. Seven states – Colorado, Nebraska, New York, Oklahoma, Tennessee, Texas, and Wyoming – have climbed to new home price highs.
When excluding distressed sales, only New Mexico showed a year-over-year depreciation in March at 0.4 percent.
CoreLogic economists project that home prices, including distressed sales, will increase by 5.1 percent by March 2016.
“Tight inventories, job growth and the inexorable impact of demographics, and household formation are pushing price levels in many states, and especially large metropolitan areas like Dallas, Denver, Houston, Seattle and San Francisco, toward record levels,” says Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic’s index shows that the following metros saw the largest price increases (which include distressed sales) in single-family homes in March in the last 12 months:
Dallas-Plano-Irving, Texas: 9.9%
Houston-The Woodlands-Sugar Land, Texas: 9.3%
New York-Jersey City-White Plains, N.Y.-N.J.: 7.1%
Los Angeles-Long Beach-Glendale, Calif.: 6.7%
Atlanta-Sandy Springs-Roswell, Ga.: 6.5%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.: 4.7%
Riverside-San Bernardino-Ontario, Calif.: 4.1%
Phoenix-Mesa-Scottsdale, Ariz.: 3.7%
Chicago-Naperville-Arlington Heights, Ill.: 3.3%
Washington-Arlington-Alexandria, DC-Va.-Md.-W.Va.: 1.6%