US Home Prices Rise by 12.2 Percent Year-Over-Year in February

Flagler still 40.4% below peak prices. Home selling prices for all Florida remain 36.9% below peak. Nevada leads all states at 39.9% below peak.

Palm Coast, FL – April 1, 2014 – U.S. home prices rose by 12.2% year-over-year according to CoreLogic’s February Home Price Index released today. Flagler’s year-over-year rise was 24%. CoreLogic expects national home prices to rise by 10.5% year-over-year in March. Local March numbers are still coming in, but to date they are up 8.2% over one year ago.

February’s national home prices remain 16.9% below their peak, which was set in April 2006. Flagler’s February prices were still 40.4% below the local peak, reached in December 2005. Home selling prices for all Florida remain 36.9% below peak. Nevada leads all states at 39.9% below peak.

“As the spring home-buying season kicks off, house price appreciation continues to be strong. Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply,” said Mr. Mark Fleming, CoreLogic’s chief economist.