August Home Prices Rise in 49 States
October 6, 2015 by Paul Ausick
Only Mississippi posted negative home price appreciation in August. Including sales of distressed properties, sales prices in Mississippi are down 0.88%.
The data were released Tuesday by CoreLogic in its Home Price Index report for August.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in August were Colorado (up 10.4%), Washington (up 10.3%), Nevada (up 9.3%), Oregon (up 9.1%) and New York (up 8.6%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (up 10.1%), Washington (up 9.9%), New York (up 9.2%), Oregon (up 9.1%) and Nevada (up 8.5%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (down 29.9%), Florida (down 28.1%), Arizona (down 25.3%), Rhode Island (down 24.1%) and Maryland (down 19.4%).
Peak home prices occurred in April 2006 and current prices remain 6.3% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in April 2017.
CoreLogic’s chief economist said:
Economic forecasts generally project higher mortgage rates and more single-family housing starts for 2016. These forces should dampen demand and augment supply, leading to a moderation in home price growth. Over the next 12 months, CoreLogic projects its national [home price index] HPI to rise 4.3 percent. This is less than the 5.3 percent gain over the 12 months through June 2015 … and less than the 4.5 percent growth through June in the national CoreLogic Case-Shiller Index.
CoreLogic has forecast that home prices will remain flat month-over-month in September and rise by 4.3% between August 2015 and August 2016. Both projections include distressed sales.
ALSO READ: Why Maryland Is America’s Richest State
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