National Home Prices Continue to Rise in April

The biggest year-over-year home price increase occurred in six years as values rose 12.1% nationwide in April, according to CoreLogic.

Meanwhile, home prices including distressed sales were up 3.2% on a monthly basis. This represents the 14th straight month where values were higher compared to the previous month.

Home price appreciation was greatest in Nevada, up 24.6% in April from March, the Irvine, Calif.-based data providers home price index report revealed. Other states that had notable increases in home values during this time period were California (19.4%), Arizona (17.3%), Hawaii (17%) and Oregon (15.5%).

CoreLogic said Mississippi and Alabama were the only two states that posted month-over-month home price depreciation, as they saw values drop by 1.7% and 1.6%, respectively.

However, all 50 states registered home price gains on a yearly basis. Anand Nallathambi, president and CEO of CoreLogic, said he expects this trend to continue bolstered by tight supplies and pent-up buyer demand.

Of the top 100 core based statistical areas measured by population, 94 showed year-over-year increases in April, led by Los Angeles and Phoenix as both were up 19.2%.

Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more, said Mark Fleming, chief economist for CoreLogic.

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