Based on data culled from Multiple Listing Service sales, CoreLogic (NYSE:CLGX) says its home price index for March, the latest period available, jumped 10.5% from March 2012, the company announced today.
This marks the biggest year-over-year increase since March 2006 and is the 13th consecutive monthly increase in home prices nationally, even when including distressed sales. On a month-over-month basis, home prices increased 2.4% compared to February 2013 when distressed sales are excluded. A distressed sale includes short sales and real estate owned transactions.
According to CoreLogic's analysis of pending sales prices, the market analyst suggests the strong recovery in pricing will continue with April's results pointing to a 9.6% increase from last year and up 1.3% sequentially.
CoreLogic Chief Economist Mark Fleming was quoted as saying: "For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year. The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season."
The gains have come as a result of a strong recovery in Western states, with Nevada leading the way higher with a 22.2% gain, followed by California at 17.2%, and Arizona at 16.8%. Those were partially offset by more than 3% declines in Delaware and Alabama, but only four states registered such drops in value.
Despite the recovery, home prices in Nevada remain 49% below their peak while Florida is down almost 43%.