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By Alliant Credit Union
Nationwide, U.S. home sale prices increased by 5.6% in February 2015 compared to February 2014, according to the February 2015 CoreLogic Home Price Index. This increase represents 36 months of consecutive year-over-year increases, including distressed sales. Nationwide, home prices increased 1.1% in February 2015 compared to January 2015.
This February, home prices in 26 states and Washington, DC, were at or within 10% of their peak prices. Additionally, six states reached the highest home prices they’ve enjoyed since January 1976 when the CoreLogic Home Price Index was initiated. Those states are Colorado, New York, North Dakota, Oklahoma, Texas and Wyoming.
“This is the hottest home price appreciation prior to spring selling season in nine years,” says President and CEO of CoreLogic Anand Nallathambi. “Assuming a benign interest rate environment and continued strong consumer confidence, we expect home prices to rise by an additional 5% over the next 12 months.”
Nationwide, the median sale price for a previously-owned home rose to $202,600 in February 2015, according to the National Association of Realtors.
This price uptick is good news for homeowners, but may adversely impact some people who would like to buy a home.
Wall Street Journal reporter Kate Davidson provides a perspective: “Buyers are facing a dynamic of rising home prices and shrinking inventory that is making homes less affordable.”