Housing prices continue to climb

The cost of a single-family home grew rapidly throughout the country in April, fueled by increased demand and inventories that remained low.

Home prices, including distressed properties, were up 6.8 percent last month compared with April 2014, according to CoreLogic in Irvine.

That marked the 38th consecutive month of year-over-year home prices nationwide.

Compared with March, prices were up 2.7 percent, stated CoreLogic, a worldwide provider of housing and real estate data to public and private clients.

Thirty states and the District of Columbia were either at or within 10 percent of their peak prices last month, while eight states – Alaska, Colorado, Nebraska, New York, Oklahoma, Tennessee, Wyoming and Texas – all reached price peaks they had not seen since January 1976, when CoreLogic started its monthly housing price index.

Those figures also included distressed sales.

“Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up,” said Anand Nallathambi, president and chief executive officer of CoreLogic, in a statement.
“We expect continued price appreciation throughout 2015 and into next year.”

Home prices are expected to rise 5.3 percent year-over-year in May, counting distressed sales. Not counting distressed sales – meaning properties in some stage of foreclosure – prices will rise about 4.9 percent, CoreLogic predicted.