Follow Insights Blog

CoreLogic

CoreLogic Econ

LATEST CORELOGIC ECON TWEETS

National Home Prices Increased Nearly 7 Percent Year Over Year in March 2016

Prices Have Risen Nearly 40 Percent From the 2011 Trough

Molly Boesel    |    Property Valuation

  • Home prices including distressed sales increased 6.7 percent year over year in March 2016 and remained 5.3 percent below the April 2006 peak.
  • Washington had the largest year-over-year price growth of any state in March 2016.
  • Appreciation slowed in some oil markets such as in several Texas metro areas: Houston-The Woodlands-Sugar Land logged a 6.1 percent year-over-year gain; Midland logged a 3.6 percent increase; and Odessa logged a 0.5 percent gain.

National home prices increased 6.7 percent year over year in March 2016, according to the latest CoreLogic Home Price Index (HPI®) Report. While the HPI has increased on a year-over-year basis every month since March 2012, prices are still 5.3 percent below the April 2006 peak. Adjusting for inflation, U.S. home prices increased 7 percent year over year, and are 18.4 percent below their peak[1]. Home prices have risen 39.1 percent since bottoming out in March 2011.

Figure 1 shows the year-over-year HPI growth for the 25 highest appreciating states in March 2016 along with their highest and lowest historical appreciation rates. Washington showed the largest HPI gain of all states in March 2016 with a 13 percent year-over-year increase, followed by Colorado (+10 percent) and Oregon (+10 percent). All states and the District of Columbia posted year-over-year appreciation. Nevada home prices were the farthest below their all-time HPI high, still 29.7 percent lower than the state’s March 2006 peak.

YOY

YOY

Figure 2 shows the year-over-year HPI change in select oil-patch areas for March 2016 compared with March 2015. Home prices continued to increase in these areas in March 2016, though the rate of increase slowed for the three Texas metropolitan areas. The slowdown in appreciation was the largest for Midland, Texas, which had a year-over-year increase of 9.4 percent in March 2015, but only a 3.6 percent annual gain in March 2016. Midland has the highest concentration of oil employment of all metropolitan areas in the U.S.



1 The Consumer Price Index (CPI) Less Shelter was used to create the inflation-adjusted HPI.

© 2016 CoreLogic, Inc. All rights reserved