Home prices increased 12.1% nationwide from April 2012 to April 2013, the biggest year-over-year increase since February 2006, according to CoreLogic.
As of April, home prices had increased for 14 consecutive months, according to the real estate data analytics firm's Home Price Index (HPI), which is based on MLS data.
Excluding distressed sales, home prices increased 11.9% from April 2012 to April 2013.
On a month-over-month basis, excluding distressed sales, prices increased 3% from March to April, CoreLogic reports.
Considering low inventory, rising interest rates and strong demand, CoreLogic anticipates that trend will continue for the near term.
Next month's HPI will likely show a 2.7% increase from April to May – and a 12.5% increase from May 2012 to May 2013 – including distressed sales (i.e. short sales and foreclosures), the firm reports.
Excluding distressed sales, May 2013 home prices are anticipated to rise 13.2% year over year from May 2012 and 3.1% month over month from April.
Including distressed sales, the five states with the highest home price appreciation for April were Nevada (24.6%), California (19.4%), Arizona (17.3%), Hawaii (17%) and Oregon (15.5%). Excluding distressed sales, the five highest were Nevada (22.6%), California (18.3%), Idaho (16.4%), Arizona (15.3%) and Washington (13.9%).
"House price growth continues to surprise to the upside with an impressive 12.1 percent gain year over year in April," said Dr. Mark Fleming, chief economist for CoreLogic, in a release. "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the western states with year-over-year gains of 20 percent or more."
"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," said Anand Nallathambi, president and CEO of CoreLogic. "For the second consecutive month, all 50 states registered year-over-year home price gains, excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand."