May 29th, 2014 6:44 PM by Todd Perdew
Home prices nationwide jumped by 11.3% in the fourth quarter from a year
earlier, according to an analysis released
Tuesday May 13th by CoreLogic, a financial data firm.
The company's Case-Shiller indexes showed that the increase was driven by rapid
appreciation in Western states. Prices in Las Vegas increased by 26% on a
year-over-year basis. Prices in Riverside and Oakland, Calif., were up 24% and
"Limited construction of new homes and low inventories of existing
homes for sale contributed to the jump in prices," said David Stiff, the
company's principal economist, in a press release accompanying the report.
Home prices continued their upward climb from record lows following the
housing crash. Prices nationwide were up by 20% compared to the fourth quarter
But they have yet to reach pre-crisis levels, remaining 21% below their peak
in the first quarter of 2006. Major metropolitan areas in the South, however,
including Houston, Dallas and Denver, surpassed their highest levels in 2006.
The CoreLogic analysis predicts that prices will flatten slightly through
the remainder of 2014, as the demand for foreclosed properties drops.
"Traditional buyers are returning slowly to the market, but cannot
replace demand from investors who led the market in recent years," Stiff