Home Prices in Colorado, Washington Added 10% in September
Home prices in the United States rose for the 43rd consecutive month in September. Compared with September of 2014, home prices rose 6.4%, including the sales of distressed properties. The year-over-year August increase was 6.9%. Month over month, September home prices rose by 0.6% from August prices, which had risen 1.2% over July prices.
Only Louisiana and Mississippi posted negative home price changes in September. Including sales of distressed properties, sales prices in Mississippi are down 0.88% and Louisiana prices are down 0.1%.
The data were released Tuesday by CoreLogic in its Home Price Index report for September.
Including sales of distressed properties, the five states posting the largest year-over-year price increases in September were Colorado (10.4%), Washington (10.0%), Oregon (9.1%), New York (9.0%) and Nevada (8.9%).
Excluding sales of distressed properties, the five states posting the biggest price increases over the past 12 months were Colorado (10.3%), New York (9.7%), Washington (9.4%), Oregon (8.9%) and South Dakota (8.5%).
The five states with the largest remaining peak-to-current declines, including distressed transactions, were Nevada (30.4%), Florida (28.5%), Arizona (25.3%), Rhode Island (23.6%) and Maryland (20.2%).
Peak home prices occurred in April 2006, and current prices remain 7% below that peak. Including distressed sales, CoreLogic forecasts national single-family home prices to reach a new peak in May 2017.
CoreLogic’s deputy chief economist said:
After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8 percent and 6.5 percent year-over-year increase. Home price volatility is now back to the long-term trend prior to the boom and bust which is a good barometer of the market’s stability and health.
CoreLogic has forecast that home prices will dip 0.1% month over month in October and rise by 4.5% between September 2015 and September 2016. Both projections include distressed sales.