Home prices rise for 13th straight month in March
May 7 2013 3:00PM
Owners of Brentwood real estate might have seen their property values appreciate in March, as home prices posted a strong month.
According to CoreLogic's Home Price Index report, prices jumped 10.5 percent on a year-over-year basis in March, the 13th straight month of gains and largest improvement in seven years. When compared to the previous month, prices were up 1.9 percent.
Home prices are expected to continue to increase next month, as the Pending HPI predicts they will jump 9.6 percent year-over-year and 1.3 percent on a monthly basis in April.
California posted the second highest appreciation at 17.2 percent, only trailing Nevada, which saw home prices rise 22.2 percent.
"Home prices continue to rise at a double-digit rate in March led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue," said Anand Nallathambi, president and CEO of CoreLogic.
Near-record-low mortgage rates have been a driving factor behind home price gains, as increased buyer demand is creating multiple offers on properties, driving up the sales price. To begin May, 15-year fixed-rate mortgages hit a new all-time low, according to Freddie Mac, which could help boost home values further for homeowners in Brentwood.
