As the housing market improves steadily, the CoreLogic Home Price Index has also increased, according to the most recently released numbers.
CoreLogic is one of the leading residential property information, analytics and services providers and revealed the figures of its Home Price Index, which showed a 9.7 percent year-over-year increase during January in comparison to the same month last year. The jump was the most significant increase since April 2006 and the 11th straight monthly increases in home prices nationally.
With home prices steadily increasing every month, more first-time homebuyers might be in a rush to purchase a home before the cost is out of their range.
"The HPI showed strong growth during the typically slow winter season," said Mark Fleming, chief economist for CoreLogic. "With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values."
The five states that had the highest home price appreciation during January were Arizona, Nevada, Idaho, California and Hawaii, ranked from the highest to lowest, respectively. The highest appreciation was 20.1 percent in Arizona, followed by a 17.4 percent jump in Nevada.
The report also revealed only two states showed home price depreciation for the month, which included distressed sales. The states were Illinois, which saw a 0.4 percent decrease, and Delaware, which was down 0.1 percent.
"Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012," said Anand Nallathambi, president and CEO of CoreLogic. "Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013."
Hardest-hit markets improve
Some of the hardest-hit markets during the housing downturn have also rebounded during January. Thirteen markets showed improvements, including Phoenix; Sacramento, California; and Detroit. All 13 of the housing markets experienced growth rates from 9 percent to 24 percent, well above the long-term home price growth rate.