Wednesday, April 17, 2013

Corelogic: Home price index up 10.5 percent in Colorado for February

Corelogic's home price index for Colorado increased year over year for the thirteenth month in a row during February 2013, increasing yet again to the highest growth rate seen since the beginning of the recession in 2008.

Colorado showed a 10.5 percent increase from February 2012 to February 2013. The February HPI report, released last week by Corelogic, shows the national HPI rising by 10.2 percent, year over year. Since mid-2012, year-over-year growth in the HPI for Colorado has been robust, as inventory continues to decline and demand for home purchase remains steady or increasing among Colorado residents.

Recent increases reflect ongoing very-low mortgage rates helped by ongoing monetary easing at The Fed. At this time, low interest rates look to continue, and as population and employment continues to grow in Colorado, demand for purchase homes will remain. Nationwide, growth has not been as  strong as the nationwide HPI continues to be pulled down a bit by relatively weak home purchase activity in the old Rest Belt areas such as Ohio and Pennsylvania.

See the home price archive for comparisons with other indices.

The CoreLogic HPI reflects ongoing home price growth that we also see in several other home price indices such as those form FHFA and Case-Shiller.

In the February report, six states reported larger year-over-year increases than Colorado. The states with the largest increases were Nevada, Arizona, and California with increases of 19.3 percent, 18.6 percent, and 15.3 percent, respectively.  Only three states showed declines in the index, and were Illinois, Alabama and Delaware, with drops of 1.0 percent, 1.5 percent, and 4.4 percent, respectively.