“Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” said Dr. Mark Fleming, chief economist for CoreLogic. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”
“Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season,” said Anand Nallathambi, president and CEO of CoreLogic. “Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January.”
Highlights as of January 2014:
- Including distressed sales, the five states with the highest home price appreciation were Nevada (+22.2 percent), California (+20.3 percent), Oregon (+14.3 percent), Michigan (+13.7 percent) and Georgia (+13.4 percent).
- Including distressed sales, only Mississippi (-0.3 percent) posted home price depreciation in January 2014.
- Excluding distressed sales, the five states with the highest home price appreciation were Nevada (+17.2 percent), California (+16.0 percent), Florida (+12.7 percent), Arizona (+11.5 percent) and Oregon (+11.4 percent).
- Excluding distressed sales, no states posted home price depreciation in January.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2014) was -17.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-40.1 percent), Florida (-36.4 percent), Arizona (-30.8 percent), Rhode Island (-30.5 percent) and West Virginia (-28.9 percent).
- Ninety-seven of the top 100 Core Based Statistical Areas** (CBSAs) measured by population showed year-over-year increases in January 2014. The three CBSAs that did not show an increase were New Haven-Milford, CT, Philadelphia, PA. and Rochester, NY.