Nevada and Florida Home Prices Still a Third Below Peak
Home prices in the United States rose for the 34th consecutive month in December, but the increase continued to moderate. Compared with December of 2013, home prices rose 5%, including the sales of distressed properties. December home prices fell by 0.1% from November prices. In November, prices rose 5.5% year-over-year and 0.1% month-over-month.
The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (36.0%), Florida (33.5%), Arizona (29.5%), Rhode Island (29.1%) and Connecticut (25.2%). 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 December were Colorado (8.4%), Texas (7.8%), New York (7.6%), Nevada (7.3%) and Michigan (7.2%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were New York (8.0%), Colorado (7.8%), Massachusetts (7.2%), Texas (7.1%) and Nevada (7.1%).
CoreLogic’s CEO said:
Nationally, home price appreciation took a pause in November and December 2014 and we expect a slow start to 2015. As the year progresses, we expect upward pressure as low inventories and more first-time buyers drive up home prices.
CoreLogic has forecast that home prices, including distressed sales, will rise 0.1% in January compared with December and rise by 4.5% in the 12 months between December 2014 and December 2015. The projected monthly increase includes distressed sales, but the annual projection does not.