CoreLogic: Home Prices Soared in April

Home prices, including distressed sales, jumped 12.1% between April 2012 and April 2013, the largest jump in seven years, according to a report released today by research firm CoreLogic (NYSE: CLGX  ) . 

After removing the impact of distressed sales, every state in the U.S. recorded home price gains in April, the report indicates, led by Nevada, California, Arizona, Hawaii, and Oregon.

Regarding the states with the greatest price improvements, CoreLogic Chief Economist Mark Fleming commented, "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more."

Compared to March of 2013, U.S. home prices jumped 3.2% in April, only the fifth time in eight years the market has experienced month-over-month increases of 2% or higher, all of which have occurred in the last year, according to CoreLogic.

Even with the recent gains, average home prices nationally remain 22.4% below April, 2006's peak. However, CoreLogic expects another significant improvement when the results of May's home sales data are reported, predicting a 12.5% improvement compared to May 2012, and a 2.7% increase month-over-month.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2471201, ~/Articles/ArticleHandler.aspx, 11/28/2014 2:17:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement