Home Economy Home prices pick up steam as spring selling season heats up, CoreLogic says

Home prices pick up steam as spring selling season heats up, CoreLogic says

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         Home prices pick up steam as spring selling season heats up, CoreLogic says

U.S. home prices marched higher in April, with the strongest gains in the West, according to a report out Tuesday.

The national home price index from data provider CoreLogic was 6.9% higher than a year ago, and 1.6% higher than in March. Washington was the hottest state for prices, notching a 12% annual gain. Consumer prices rose just 2.2% in the 12 months ending April, according to the Labor Department.

Only three states saw yearly declines.

State Yearly home price change Alabama 6.6% Alaska -0.2% Arizona 6% Arkansas 6% California 5.9% Colorado 8.8% Connecticut 0.4% Delaware -0.2% District of Columbia 5% Florida 6.4% Georgia 5.6% Hawaii 6.1% Idaho 6.8% Illinois 5% Indiana 5.8% Iowa 2.3% Kansas 3.1% Kentucky 3.4% Louisiana 4.7% Maine 0.2% Maryland 3.3% Massachusetts 6.1% Michigan 8.7% Minnesota 6% Mississippi 0.4% Missouri 4.9% Montana 4.4% Nebraska 5.3% Nevada 6.7% New Hampshire 6.7% New Jersey 2.9% New Mexico 2% New York 7.2% North Carolina 5.7% North Dakota 2.8% Ohio 3.4% Oklahoma 1.2% Oregon 9.1% Pennsylvania 3.2% Rhode Island 4.9% South Carolina 5.8% South Dakota 2.5% Tennessee 5.1% Texas 4.8% Utah 10.1% Vermont 2.1% Virginia 2.3% Washington 12% West Virginia 0.3% Wisconsin 7% Wyoming -3.9%

The frenzied spring selling season is helping nudge prices higher, CoreLogic said. Home purchase pricing is outpacing rent growth for single-family homes.

CoreLogic forecasts national home price growth of 5.1% in the coming 12 months. But an earlier MarketWatch analysis shows that pricing forecasts have often fallen short of the reality in the high-flying housing market.

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