Home prices in the United States rose for the 35th consecutive month in January, but the increase continued to moderate. Compared with January of 2014, home prices rose 5.7%, including the sales of distressed properties. Month over month, January home prices rose by 1.1% from December prices. In December, prices rose 5% year-over-year and 0.1% month-over-month.

The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (down 35.3%), Florida (32.6%), Rhode Island (29.9%), Arizona (28.6%) and Connecticut (24.8%). The data were released Tuesday by research firm CoreLogic.

Including sales of distressed properties, the five states posting the largest year-over-year price increases in January were Colorado (up 9.1%), Michigan (9%), Texas (8.3%), Wyoming (8.3%) and Nevada (7.6%).

Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (up 9.1%), Nevada (7.9%), Texas (7.8%), Massachusetts (7.7%) and Oregon (74%).

CoreLogic’s CEO said:

A dearth of supply in many parts of the country is a big factor driving up home prices. Many homeowners have taken advantage of low rates to refinance their homes and until we see sustained increases in income levels and employment they could be hunkered down so supplies may remain tight.

CoreLogic has forecast that home prices will rise 0.4% month-over-month in February and rise by 4.9% in the 12 months between January 2015 and January 2016. The monthly projection includes distressed sales; the annual projection does not.

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