Home prices in the United States rose for the 59th consecutive month in December. Compared with December of 2015, home prices rose 7.2% including the sales of distressed properties. The year-over-year November increase was 7.1%. And December home prices rose by 0.8% from November prices, which had risen 1.1% over October prices.
Only one state posted negative home price changes in December: Wyoming, down 0.3%. Home prices reached new highs in the District of Columbia and 15 states: Arkansas, Colorado, Georgia, Hawaii, Indiana, Louisiana, Massachusetts, Montana, New York, Oregon, Tennessee, Texas, Utah, Vermont and Washington.
The data were released Tuesday by CoreLogic in its Home Price Insights Report for December.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in December were Washington (10.8%), Oregon (10.3%), Idaho (9.0%), Colorado (8.9%) and Utah (8.0%).
CoreLogic Chief Economist Frank Nothaft said:
As of the end of 2016, the CoreLogic national index was 3.9 percent below the peak reached in April 2006. We expect our national index to rise 4.7% during 2017, which would put home prices at a new nominal peak before the end of this year.
All the more reason, perhaps, to consider selling your home in 2017.
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Washington (10.1%), Oregon (9.6%), Colorado (8.5%), Idaho (8.3%) and Hawaii (7.6%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (down 32%), Florida (21.1%), Arizona (20.9%), Connecticut (19.9%) and Rhode Island (19.0%).
Peak home prices occurred in April 2006 and current prices remain 3.9% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in September 2017.
CoreLogic has forecast that home prices will rise 0.1% month over month in January and rise by 4.7% between December 2016 and December 2017. Both projections include distressed sales.