Home prices rose 9.7% in January, compared with the same month a year ago. That was the largest monthly increase since April 2006, according to research firm CoreLogic (NYSE: CLGX). The firm had previously forecast a rise of 7.9%. The data includes sales of distressed properties.
Month-over-month, January prices rose 0.7%, including distressed home sales. Excluding distressed sales, January prices rose 1.8% compared with December, and the year-over-year price also rose by 9%.
CoreLogic expects February housing prices to rise 9.7% year-over-year and to drop by 0.3% month-over-month as the seasonal slowdown in home sales heads into its fifth month. Excluding distressed sales, the year-over-year increase for February is forecast at 11.3% and the month-over-month estimate improves to a rise of 1.8%.
The company’s chief economist noted….”
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