CoreLogic today released its April home price index (HPI) numbers. There were few surprises as the HPI continued to show strong growth of around 10 percent for the fourth month in a row. National growth and Colorado growth rates fell behind the national growth rate during April, with the national home price propelled upward by big home price growth in California, Arizona, and Nevada. Nationally, the index grew 12.1 percent from April 2012 to April 2013, and it grew 10.8 percent in Colorado. Housing prices continue to increase at some of the largest rates seen since before the financial crisis.
Ten states had larger growth rates in the HPI than Colorado, with the highest growth rates being in Nevada, California, and Arizona. Nevada's HPI grew 24.6 percent year over year, and California's and Arizona 'a HPIs grew 19.4 percent and 17.3 percent respectively. Only two states showed declines in their HPIs over the same period with the declines being in Mississippi and Alabama where the HPI declined 1.7 percent and 1.6 percent respectively.
Propelled by record-low mortgage rates and small amounts of new home sales, and limited inventory, home sales continue to head up with home prices following suit.