Home prices nationwide increased 10.2% on a year-over-year basis in February, according to Irvine, Calif.-based CoreLogic. This represents the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally. On a month-over-month basis, home prices increased by 0.5% in February compared to January.
‘The rebound in prices is heavily driven by western states,’ says Mark Fleming, chief economist for CoreLogic. ‘Eight of the top 10 highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list.’
Including distressed sales, the five states with the highest home price appreciation were Nevada (19.3%), Arizona (18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%).