U.S. home prices posted a 12 percent gain in last year, with three states actually reaching new record highs, according to figures released today by the real estate data company CoreLogic.
Louisiana, Nebraska and Texas each posted new record highs as of January 2014, which marked the 23rd consecutive month of national price gains according to CoreLogic. Another 19 states and the District of Columbia were within 10 percent of their pre-crash peaks.
"Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season," said Anand Nallathambi, CoreLogic president and CEO. "Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January."
Polar vortex doesn't chill prices
The winter's unusually cold weather and storms failed to put a crimp in home prices, with January showing the strongest annual and monthly increases since 2006, at the peak of the housing bubble. January's monthly increase, including distressed sales, showed a 0.9 percent gain over December's figures.
Despite the strong overall performance in 2013, home prices in much of the U.S. continue to lag. Nationally, home prices as of January 2014 were still 17.3 percent below their pre-crash peak, with prices in four states - Nevada, Florida, Arizona and Rhode Island - still depressed by more than 30 percent.
Big gain, but still a long way to go
Ironically Nevada, the state where prices remain the furthest below their pre-crash peak, still down 40.1 percent as of January, is also the state that saw the biggest annual increase in 2013 - a 22.2 percent gain over 12 months.
That wasn't an unusual pattern. California and Michigan, which also saw some of the steepest price declines during the crash, were also among the top five states in annual price gains for 2013, up 20.3 percent and 13.7 percent, respectively.
The only state that did not see an overall price increase for 2013 was Mississippi, which posted a 0.3 percent decline. However, when distressed home sales are excluded, all 50 states and the District of Columbia saw price increases for 2013.