There has been continued growth of home prices in the U.S. for the last 7 years. January, national home prices, including distressed sales, increased 12% from previous year. This is a 23rd consecutive month of yearly increases. Although severe weather affects home prices, analysts do not agree. The weather did not have a negative affective on home prices in January.
Quote from Dr. Mark Fleming, chief economist for CorLogic. “Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” said Dr. Mark Fleming, chief economist for CoreLogic. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.” National Association of Realtors informs that the national median existing-home price was $188,900 in January, increasing 10.7 percent year-over-year. Nationwide, 22 states and the District of Columbia are at or within 10 percent of their peak home price appreciation. This past year, home prices in seven states which includes California grew faster than the nation as a whole.
“Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January,” said Anand Nallathambi, president and CEO of CoreLogic. “Nationwide price growth like this should continue as the market comes out of hibernation for the spring buying season.” Looking ahead, courtesy of CoreLogic, home prices and distressed sales, will increase 12.5 percent in February, compared to the previous year. They are expected to increase 0.7 percent on a monthly basis.
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