Home Prices Increased 5% in December: CoreLogic

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Home prices were up 5% in December from a year earlier, according to CoreLogic.

The Irvine, Calif.-based analytic provider’s home price index revealed that 27 states are at or within 10% of their peak. However, three states Maryland, Vermont and Connecticut showed year-over-year home price depreciation in December.

For all of 2014, home values increased 7.4%, CoreLogic said, which is less than the 11.1% uptick experienced the year before.

“Nationally, home price growth moderated and stabilized at 5% the last four months of the year,” said Sam Khater, deputy chief economist at CoreLogic.

“The moderation can be clearly seen at the state level, with Colorado, Texas and New York at the high end of appreciation, ending the year with increases of about 8%. This contrasts with previous appreciation rates in the double digits for instance, Nevada and California which experienced increases of more than 20% earlier in 2014.”

CoreLogic is forecasting that home prices will be flat from December to January. But for the full year of 2015, home values are projected to appreciate 4.8%.

“Home price appreciation took a pause in Novemberand December 2014 and we expect a slow start to 2015,” said Anand Nallathambi, president and chief executive of CoreLogic. “As the year progresses, we expect upward pressure as low inventories and more first-time buyers drive up home prices.”

Article source: http://www.nationalmortgagenews.com/news/origination/home-prices-increased-5-in-december-corelogic-1044015-1.html

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