U.S. home prices increased 5.5 percent in November 2014 compared with November 2013, according to a new report from CoreLogic, a provider of real estate data and analytics. This is the 33rd consecutive month of year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, rose by 0.1 percent in November 2014 compared to October 2014.
At the state level, including distressed sales, all states and the District of Columbia showed year-over-year home price appreciation in November. Twenty-nine states, including Massachusetts, are at or within 10 percent of their peak, with Bay State prices 6.9 percent below their fall 2005 highest level. Seven states reached new highs in CoreLogic’s home price index in November: Colorado, North Dakota, Oklahoma, South Dakota, Tennessee, Texas and Wyoming.
Excluding distressed sales, home prices nationally increased 5.3 percent in November 2014 compared to November 2013 and 0.3 percent month over month compared to October 2014. Also excluding distressed sales, all states and the District of Columbia showed year-over-year home price appreciation in November. Distressed sales include short sales and real estate owned (REO) transactions.
CoreLogic predicts home prices will decrease 0.1 percent month over month from November 2014 to December 2014 and increase, on a year-over-year basis, by 4.6 percent from November 2014 to November 2015.
Excluding distressed sales, the firm expects home prices to decrease by 0.1 percent month over month from November 2014 to December 2014 and increase by 4.2 percent year over year from November 2014 to November 2015.
"After decelerating for most of the year, home price growth has been holding firm between a 5-percent and 6-percent growth rate for the last four months," Sam Khater, deputy chief economist at CoreLogic, said in a statement. "However, pockets of weakness are clear in Baltimore and Washington, D.C., and three of the top four states with the highest price appreciation are energy intensive and had been benefitting from the energy boom, which is currently receding as oil prices trend downward. These states-Texas, Colorado and North Dakota-may see some downward pressure on prices in 2015."
Including distressed sales, the five states with the highest home price appreciation were: Michigan (9.0 percent), Colorado (8.8 percent), Texas (8.5 percent), North Dakota (7.9 percent) and Nevada (7.9 percent). Massachusetts ranked 10th among all states, with home prices rising 7.4 percent including distressed sales.
Excluding distressed sales, the Bay State prices rose the most in the country at an 8.6 increase, followed by Texas (7.9 percent), Colorado (7.8 percent), North Dakota (7.8 percent) and South Dakota (7.5 percent).
The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (35.7 percent), Florida (33.4 percent), Arizona (29.3 percent), Rhode Island (29.1 percent) and Connecticut (23.2 percent).



