Cedar Rapids, Iowa City home prices rise in February

Home prices improved at the best rate since mid-2006, expert says

March 28, 2014 | 1:33 pm

Home prices rose in February in Cedar Rapids, Iowa City and the nation, a potential sign of recovery for the housing market.

In Cedar Rapids, home prices, including distressed sales, increased by 1.6 percent in February compared with  February 2012, according to Irvine, Calif-based CoreLogic.  On a month-over-month basis, home prices, including distressed sales, decreased by 1 percent in February compared with the previous month.

Excluding distressed sales, Cedar Rapids year-over-year prices increased by 2.1 percent in February compared with  February 2012. On a month-over-month basis, excluding distressed sales, home prices decreased by 0.6 percent in February compared with January of this year.

CoreLogic reported Iowa City home prices, including distressed sales, increased by 2.6 percent in February compared with February 2012. On a month-over-month basis, home prices, including distressed sales, decreased by 1.2 percent in February compared with the previous month.

Excluding distressed sales, Iowa City year-over-year prices increased by 3.6 percent in February compared with February 2012. On a month-over-month basis, excluding distressed sales, home prices increased by 0.2 percent in February compared with January 2013.

Iowa home prices overall recorded a 2 percent increase in February compared with February 2012, including and excluding distressed single-family home sales.

Home prices nationwide, including distressed sales, increased 10.2 percent on a year-over-year basis in February compared with February 2012. The change represents the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices increased by 0.5 percent in February compared with January.

Excluding distressed sales, home prices nationally increased 10.1 percent on a year-over-year basis in February compared with February 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.5 percent in February compared with January.

Mark Fleming, chief economist for CoreLogic, said the national rebound in prices is heavily driven by western states.

"Eight of the top 10 highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list," Fleming said.

Anand Nallathambi, president and CEO of CoreLogic, said home prices continued their march upward in February.

"Home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals," Nallathambi said. "Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market."

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