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Home prices experienced a 6.7 percent year-over-year spike in March, according to new data from CoreLogic. On a monthly measurement, home prices upticked 2.1 percent from February to March.
Among the states, Washington had the strongest year-over-year home price appreciation in March, with a 13 percent gain, followed by Colorado and Oregon at 10 percent each. The Denver area saw the largest metro market price appreciation with a 10.9 percent increase, followed by San Francisco with a 9.3 percent increase.
CoreLogic is also forecasting a 5.3 percent on a year-over-year jump in home prices from March 2016 to March 2017, as well as a 0.7 percent bump up from March to April.
"Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012," said Frank Nothaft, chief economist for CoreLogic. "Low interest rates and increased home building suggest that housing will continue to be a growth driver."