Home Prices Escalate, 10 States Record Home Price Peaks in May
The recent home price index (HPI) of CoreLogic attributes limited supply of listings for causing a 6.3% increase in home prices nationwide in May 2015 as compared to May 2014 while including distressed sales.
Most importantly, 10 states and the District of Columbia reached new high, recording price peaks not experienced since January 1976. These 10 states include Alaska, Colorado, Iowa, Nebraska, New York, North Carolina, Oklahoma, Tennessee, Texas and Vermont.
Further, the data shows that 33 states and the District of Columbia were at or within 10% of their peak prices in May 2015.
On a month-over-month basis, the home prices nationwide, including distressed sales, increased by 1.7% in May 2015 from April 2015 while excluding distressed sales it increased by 1.4%. Excluding distressed sales, there are only two states which showed year-over-year depreciation in May; Massachusetts recording -2% and Louisiana with -0.2%.
Frank Nothaft, chief economist for CoreLogic stated,” Mortgage rates on 30-year fixed-rate loans remained below 4% through May, helping to fuel home purchase activity. Our homes-for-sale listing data shows that markets with high demand and limited supply, such as San Francisco, are recording double-digit appreciation rates over the past year”.
Furthermore, the CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase by 0.9% month-over-month from May 2015 to June 2015 and by 5.1% on a year-over-year basis from May 2015 to May 2016.
The Fannie Mae survey claims that the new hiked prices are likely causing a surge in the number of homeowners, 52% who think that now is a good time to sell while those who think it is a good time to buy a house fell to a survey low of 63%.
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