February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday.
The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas.
CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included.
Without distressed properties, prices rose 1.5% month-to-month.
Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February.
The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%).
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