Home prices (including distressed sales) climbed 12% year-over-year in January, according to the latest CoreLogic home price report. This is the 23rd straight month of annual home price gains.
Month-over-month, home prices were up 0.9%.
Ex-distressed sales (short sales and real estate owned transactions) home prices were up 9.8% on the year and 0.7% on the month.
"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," Mark Fleming, chief economist at CoreLogic said in a press release. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."
Here are some details from the report:The peak-to-current decline in national home prices, from April 2006 to January 2014, was 17.3%. Ex-distressed transactions this was down 13.3%. Including distressed sales home prices climbed the most in Nevada, up 22.2%. California, Oregon, Michigan, and Georgia rounded off the top five. Home prices only fell in Mississippi, where they were down 0.3%. Ex-distressed sales home prices were up the most in Nevada, up 17.2%. California, Florida, Arizona, and Oregon rounded off the top five. Ex-distressed sale no states saw home prices fall. The CoreLogic Pending home price index suggests that home prices will rise 12.5% on a YoY basis in February, and 0.7% on the month.
Here's a trajectory of home prices including and excluding distressed homes since January 2002:
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