Home prices nationwide during March, including distressed sales, saw a 7.1 percent year-over-year increase and a 1.6 percent month-over-month increase, according to new data from CoreLogic
Among the states, Washington saw the highest year-over-year home price appreciation, with a 12.8 percent increase. The only states experiencing a year-over-year decline in home prices were Alaska (down 0.8 percent) and West Virginia (down 1.2 percent).
CoreLogic forecasts that home prices will increase by 4.9 percent on a year-over-year basis from March 2017 to March 2018, and on a month-over-month basis home prices are expected to increase by 0.6 percent from March to April.
"A potent mix of strong job gains, household formation, population growth and still-attractive mortgage rates in the face of tight inventories are fueling a continuing surge in home prices across the U.S.," said Frank Martell, president and CEO of CoreLogic. "Price gains were broad-based with 90 percent of metropolitan areas posting year-over-year gains. Major metropolitan areas were especially hot with CoreLogic data indicating that four of the largest 10 markets are now overvalued. Geographically, gains were strongest in the West with Washington showing the highest appreciation at almost 13 percent, and Seattle, Tacoma and Bellingham posting gains of 13 to 14 percent.”