National home prices in March were 10.5% greater than a year ago based on CoreLogic’s Home Price Index report. This figure included distressed sales and was only slightly lower than the 10.7% increase in home appreciation excluding distressed sales. In a month-over-month comparison, including distressed sales, home prices rose by 1.9% in March over February while excluding distressed sales, the increase was 2.4%. Mark Fleming, chief economist for CoreLogic explained, “For the first time since March 2006, both the overall index and the index that excludes distressed sales are about 10 percent year over year. The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”
Including distressed sales, Idaho ranked in the top five states that had the highest year-over-year home price appreciation in March at +14.5%. Home price appreciation in the Gem State also saw a 2.8% increase on a month-over-month comparison. Montana, Washington and Wyoming also saw increases in their home price appreciation on an annual and monthly basis when including distressed sales. Montana saw a 7.6% increase year-over-year and a 2.4% increase over last month. Washington saw an 11.6% increase from a year ago and 3.1% increase from February. Finally, Wyoming’s home price appreciation was 7.2% higher than March 2012 and 2.4% higher than a month ago.
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