There was speculation that home price appreciation would slow in 2014, but according to a recent report from CoreLogic, a residential property information, analytics and services provider, that wasn't the case in January.
According to the data, national home prices jumped 12 percent on a year-over-over comparison, falling in line with the double-digit annual gains that were prevalent in 2013. CoreLogic noted that January marked the 23rd straight of year-over-year increases in home prices.
"Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season," said Anand Nallathambi, president and CEO of CoreLogic. "Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January."
Even the persistent frigid weather in January couldn't stop nearly every state from experiencing home price gains. According to the report, when including distressed sales, Mississippi was the only state that experienced home price depreciation. Experts note that when compared to the trends in January - especially in the years since the recession - the latest increase is robust.
"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Dr. Mark Fleming, chief economist for CoreLogic. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."
Prepping for a home purchase in 2014?
As the housing market continues to show growth, buyers will be a good position to purchase.
In order to make sure the process goes as smoothly as possible, those buying a home are encouraged to look into the benefits of a home inspection. This will not only clue a buyer in on every aspect of a property, but it will give them the confidence to purchase. The information they learn about a home from an inspection is invaluable.