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Home Prices Up 10.2 Percent in February

by Peter Thomas Ricci

Home prices continued to pick up more steam in the CoreLogic HPI, rising to their highest mark in nearly seven years in February.

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Home prices nationwide rose a sterling 10.2 percent year-over-year in February, according to the latest CoreLogic Home Price Index.

A leading measure on home price activity, the Home Price Index has been rising with impressive strength for a full year now, and February’s 10.2 percent increase represents the Index’s strongest yearly increase since May 2006. Price were even up on a monthly basis, rising 0.5 percent from January to February in what is typically a slow market period for home prices.

As impressive as February’s numbers are, though, CoreLogic is expecting even better things for March. According to its Pending HPI, which collects MLS data to predict the next Home Price Index, home prices will rise 11.4 percent year-over-year in March, and 2.0 percent from February.

CoreLogic’s data did not specify home price activity in Miami, but for the state of Florida, the situation was quite positive. Though prices for the Sunshine State are down 43.3 percent from their 2006 peak, they were up 8.7 percent in February year-over-year when distressed sales were included, but when those sales were excluded, home prices were up an even more encouraging 9.5 percent, which is among the strongest gains nationwide.

Interested in tracking the Home Price Index’s progress? See our infographic below for some perspective:

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