Home prices saw double-digit gains in 2013, posting the highest annual rate of increase since 2005, according to CoreLogic's latest housing report, released Tuesday. Ten states and the District of Columbia reached new all-time price peaks last year.
“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” said Mark Fleming, chief economist for CoreLogic.
CoreLogic’s latest report comes after a report from the National Association of Realtors, which showed a strong gain in home prices in 2013. The median sales price for all of 2013 was $197,100 in December, 11.5% above the 2012 median price, according to the NAR's December existing-home sales report.
CoreLogic’s report also showed that home prices have eased a bit in the last three months. Home prices dropped by 0.1% from November to December, and the year-over-year price increase has slowed. CoreLogic’s report does not adjust for seasonal patterns.
"The healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” said Anand Nallathambi, president and CEO of CoreLogic. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the U.S.”
The following states had the highest home-price appreciation, including distressed sales:
- Nevada: 23.9%
- California: 19.7%
- Michigan: 14%
- Oregon: 13.7%
- Georgia: 12.8%