Most homeowners across the nation have been enjoying an upswing in their home values, and home-sale prices are expected to continue rising for at least the next several months, according to CoreLogic’s latest Home Price Index Report.
The report, which analyzed data through February, showed home prices—including distressed sales—were an average of 12.2% higher compared to the same time last year. Home prices showed the highest annual appreciation gains in these five states:
- California – 19.8%
- Nevada – 18.5%
- Georgia – 14.2%
- Oregon – 13.8%
- Michigan – 13.5%
The report predicted home prices, when including distressed properties, would see a rise of 10.5% from March 2013 to March 2014. When excluding distressed properties, prices are expected to rise 9.3%.
CoreLogic expects home prices will continue to rise over the next several months, leveling off by year’s end.
Home prices have increased year-over-year for 24 consecutive months, although through February they were still 16.9% below the peak levels reached in April 2006, according to CoreLogic.
Realtor.com®’s National Housing Trend Report for February 2014 showed home sellers’ growing confidence in the market as the number of homes for sale increased.
“The number of properties for sale in February rose 10.1% above February 2013 levels, to 1,744,032 units,” the realtor.com® report said. “The median list price at $199,000 increased 7.6% compared to the same month last year, and the median age of inventory increased 6.5% above year-ago figures, to 114 days.”
The top five areas showing the highest number of active listings in the realtor.com® report were:
- Los Angeles-Long Beach
“Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply,” Mark Fleming, chief economist for CoreLogic, said in a statement.
Homeowners who struggled to build equity in their homes during the recession may be able to breathe a sigh of relief now as the market continues to stabilize and buyers and sellers gain confidence.
Homeowners looking to sell their homes have adequate time to prepare their home, find a REALTOR®, and start the selling process, based on based on CoreLogic’s report, which expects month-to-month price growth nationwide until at least the end of the year.