Irvine. California-based CoreLogic[R] reported that eight states plus the District of Columbia reached new home-price peaks, according to the company's April Home Price Index (HPI). The eight states were Alaska, Colorado, Nebraska, New York, Oklahoma, Tennessee, Texas and Wyoming.
A total of 30 states plus D.C. were at or within 10 percent of their peak home prices as of the April reading of the HPI. The company has been tracking prices with its HPI since January 1976.
On a national basis, including distressed sales, prices rose by 6.8 percent in April compared with a year earlier. CoreLogic noted that result marked 38 months of consecutive year-over-year price gains nationwide. On a monthly basis, prices rose by 2.7 percent in April, including distressed sales.
In a June 2 press release, CoreLogic noted that if you exclude distressed sales from the numbers, only South Dakota and Louisiana showed year-over-year depreciation in April.
CoreLogic also produces a forecast for home prices. Including distressed sales, home prices are projected to in crease by 1.1 percent from April 2015 to May 2015 and go up by 5.3 percent from April 2015 to April 2016.
Commenting on the April results, Frank Nothaft, chief economist for CoreLogic, said, "For the first four months of 2015, home sales were up 9 percent compared with the same period a year ago." He added, "One byproduct of the increased sales activity...