Nevada tops the list for highest home price appreciation in the United States this March. This is as compared to rates last March 2012. Other States on the list include California, Arizona, Idaho, and Oregon; rates include distressed sales.
Home prices in March were 10.5% higher than a year ago, even a bit more if distressed sales weren’t counted.
This has been the biggest overall change in 7 years and the 13th straight month for home price gains. This is according to a report released by CoreLogic, a residential property information, analytics, and services provider.
“The pace of appreciation has been accelerating throughout 2012 and so far in 2013,” said Mark Fleming, CoreLogic chief economist.
Home prices were up 10.7% year over year, excluding distressed sales, which are short sales and foreclosures.
Contributing to higher prices is rising demand among investors and home buyers for a limited supply of homes for sale, CoreLogic says. Fewer foreclosures and other distressed homes in the market can also inflate price changes.
“The rebound in prices is heavily driven by western States. Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list,” said Dr. Mark Fleming, chief economist for CoreLogic.
“Home prices continued their march upward in February. Nationally, home prices improved at the best rate since mide-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” said Anand Nallathambi, president and CEO of CoreLogic. “Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”
Home prices in Nevada are in its best state right now. If you are thinking of relocating or purchasing a home in Nevada, do it now! Contact Margie McIntyre at 775/250-3181 or email her at Margie@margiemcintyre.com. You can also see her listings at www.margiemcintyre.com