Home Prices Pick Up Steam as Spring Selling Season Heats Up
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.