Home prices rise in Corridor, U.S.

12 percent increase seen nationwide

George Ford
Published: March 4 2014 | 2:32 pm - Updated: 1 April 2014 | 9:09 am in

Average home prices increased in Cedar Rapids, Iowa City and the nation in January when compared with the same month in 2013, according to data from CoreLogic, an Irvine, Calif., residential property information, analytics and services provider.

Cedar Rapids home prices, including distressed sales, increased by1.5 percent in January compared with the same month in 2013. Excluding distressed sales, year-over-year prices increased by1.9 percent in January compared with January 2013.

On a month-over-month basis, Cedar Rapids home prices including distressed sales increased by 0.3 percent in January, compared with December 2013. On a month-over-month basis, home prices excluding distressed sales decreased by 0.4 percent in January compared with the previous month.

Iowa City home prices -- including distressed sales -- increased by0.8 percent in January compared with January 2013. Excluding distressed sales, year-over-year prices increased by 0.7 percent in January compared with January 2013.

On a month-over-month basis, Iowa City home prices -- including distressed sales -- decreased by 0.8 percent in January compared with December 2014. On a month-over-month basis, excluding distressed sales, home prices decreased by 1.2 percent in January 2014 compared with December 2013.

Home prices nationwide, including distressed sales, increased 12 percent in January 2014 compared with January 2013. On a month-over-month basis, home prices nationwide -- including distressed sales -- increased by 0.9 percent in January compared with December 2013.

Excluding distressed sales, home prices increased 0.7 percent in January 2014 compared with December 2013. On a year-over-year basis, home prices -- excluding distressed sales -- increased by 9.8 percent in January compared with January 2013.

Mark Fleming, chief economist for CoreLogic, said severe cold and a string of snow storms weakened house price appreciation in January.

"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," Fleming said.

Anand Nallathambi, president and CEO of CoreLogic, said home prices continued to march higher in January.

"We expect to see more increases as the market comes out of hibernation for the spring buying season," Nallathambi said. "Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January."

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