According to the report, home prices were up 5.6 percent nationwide compared to February 2014. Month-over-month, home prices nationwide increased by 1.1 percent, compared to January.
Overall, 26 states and the District of Columbia were at or within 10 percent of their peak prices; and six states ‒‒ Colorado, New York, North Dakota, Texas, Wyoming, and Oklahoma ‒‒ reached new home price highs.
The dwindling supply of affordable inventory since the second half of 2014 has led to stabilization in home price growth, with “a particular uptick in low-end home price growth over the last few months," said Frank Nothaft, chief economist for CoreLogic. From February 2014 to February 2015, low-end home prices increased by 9.3 percent, compared to 4.8 percent for high-end home prices, he said. This gap, he added, “is three times the average historical difference."
Anand Nallathambi, president and CEO of CoreLogic, said that in terms of home price appreciation, “this has been the hottest spring in nine years.” Judging by CoreLogic’s data, he’s right. According to the firm, home prices have now increased for 39 straight months, as the housing market has improved with the support of macro-economic fundamentals and tight supplies. “Assuming a continued benign interest rate environment, we expect home prices to rise by an additional five percent over the next twelve months," Nallathambi said.
The CoreLogic HPI Forecast could bear Nallathambi out. The forecast predicts that home prices will increase by 0.6 percent month-over-month in March, and by 5.1 percent year-over-year in February 2016.
Not all regions of the country basked in the glow of soaring home values, however. Five states ‒‒ Nevada, Florida, Rhode Island, Arizona, and Connecticut ‒‒ lost at least a quarter of their peak home values, with Nevada seeing a 35.4 percent peak-to-current decline. Eight of the 100 metros CoreLogic studied ‒‒ Baltimore, Philadelphia, Hartford, New Orleans, Rochester, Albany, and New Haven ‒‒ also showed year-over-year declines.