Home Prices Up Double Digits in Five States

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Home prices in the United States rose for the 26th consecutive month in April. Compared with April of 2013, home prices rose 10.5%, including the sales of distressed properties. Also, April home prices rose 2.1% over March prices.

Including distressed sales, no states posted home price depreciation in April, and eight states surpassed their previous home price peaks: Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas and Wyoming. Twenty-three states and the District of Columbia now have home prices at or within 10% of the peak price appreciation. The data were released Tuesday by research firm CoreLogic.

Excluding sales of distressed properties, five states posted double-digit price increases over the past 12 months: Hawaii (up 13%), California (11.4%), Nevada (11.4%), New York (10.3%) and Florida (10.2%).

The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (down 38%), Florida (down 34.5%), Arizona (down 29.5%), Rhode Island (down 28.8%) and West Virginia (down 24.2%).

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CoreLogic's deputy chief economist said:

The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation. The 10.5 percent increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months.

CoreLogic has forecast that home prices, including distressed sales, will rise 1% in May compared with April, and by 6.3% in the 12 months between April 2014 and April 2015.

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