Home prices nationwide increased 10.5 percent in March 2013 compared with the same time last year, according to real estate analytics firm CoreLogic.

This change represents the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in March compared with February 2013.

Excluding distressed sales, home prices increased on a year-over-year basis by 10.7 percent in March 2013. On a month-over-month basis, excluding distressed sales, home prices increased 2.4 percent in March. Distressed sales include short sales and real estate owned (REO) transactions.

In Massachusetts, home prices including distressed sales increased 10.4 percent. Excluding distressed sales, home prices climbed 10.3 percent.

CoreLogic’s research indicates that April 2013 national home prices, including distressed sales, are expected to rise by 9.6 percent on a year-over-year basis from April 2012, and rise by 1.3 percent on a month-over-month basis from March 2013. Excluding distressed sales, April 2013 home prices are poised to rise 12 percent year over year from April 2012 and by 2.7 percent month-over-month from March 2013.

"For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year," Dr. Mark Fleming, chief economist for CoreLogic, said in a statement. "The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season."

CoreLogic: National Home Prices Increased 10.5 Percent in March

by Banker & Tradesman time to read: 1 min
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