Home Prices Pick Up Steam as Spring Selling Season Heats Up, CoreLogic Says

Flying over the suburbs of Melbourne

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U.S. home prices marched higher in April, with the strongest gains in the West, according to a report out Tuesday.

The national home price index from data provider CoreLogic was 6.9% higher than a year ago, and 1.6% higher than in March. Washington was the hottest state for prices, notching a 12% annual gain. Consumer prices rose just 2.2% in the 12 months ending April, according to the Labor Department.

Only three states saw yearly declines.

State Yearly home price change
Alabama 6.6%
Alaska -0.2%
Arizona 6%
Arkansas 6%
California 5.9%
Colorado 8.8%
Connecticut 0.4%
Delaware -0.2%
District of Columbia 5%
Florida 6.4%
Georgia 5.6%
Hawaii 6.1%
Idaho 6.8%
Illinois 5%
Indiana 5.8%
Iowa 2.3%
Kansas 3.1%
Kentucky 3.4%
Louisiana 4.7%
Maine 0.2%
Maryland 3.3%
Massachusetts 6.1%
Michigan 8.7%
Minnesota 6%
Mississippi 0.4%
Missouri 4.9%
Montana 4.4%
Nebraska 5.3%
Nevada 6.7%
New Hampshire 6.7%
New Jersey 2.9%
New Mexico 2%
New York 7.2%
North Carolina 5.7%
North Dakota 2.8%
Ohio 3.4%
Oklahoma 1.2%
Oregon 9.1%
Pennsylvania 3.2%
Rhode Island 4.9%
South Carolina 5.8%
South Dakota 2.5%
Tennessee 5.1%
Texas 4.8%
Utah 10.1%
Vermont 2.1%
Virginia 2.3%
Washington 12%
West Virginia 0.3%
Wisconsin 7%
Wyoming -3.9%

The frenzied spring selling season is helping nudge prices higher, CoreLogic said. Home purchase pricing is outpacing rent growth for single-family homes.

CoreLogic forecasts national home price growth of 5.1% in the coming 12 months. But an earlier MarketWatch analysis shows that pricing forecasts have often fallen short of the reality in the high-flying housing market.

The post Home Prices Pick Up Steam as Spring Selling Season Heats Up, CoreLogic Says appeared first on Real Estate News & Insights | realtor.com.

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