Colorado, New York, Texas and Wyoming have hit new highs in home prices, the latest monthly tally shows.
Among big metro areas, Houston, Dallas and Los Angeles saw the top year-over-year home price appreciation.
U.S. home prices rose 5.7% in January from a year earlier and 1.1% from December, led by strong regional economies in the West, such as in Colorado and Texas, according to CoreLogic (CLGX).
CoreLogic’s home-price forecast calls for a 5.3% lift for the 12 months through January 2016.
The property analytics company’s tally shows that Colorado home prices rose 9.1% in January from a year earlier and Michigan 9%, while Texas and Wyoming each hiked 8.3%, Nevada 7.6% and California 7.3%. New York, which didn’t make the top 10 states with rising home prices, was up 5.6%.
Home prices fell in two states — Connecticut dropped 1.8%, and Maryland edged down 0.3%.
Top Cities In Home-Price Gains
Despite worries about how the falling price of oil could affect real estate, Houston rose most of all large metro areas, with a home price gain of 10.9% in January from a year earlier. The area counted is the Core Based Statistical Area, or CBSA, known as Houston-The Woodlands-Sugar Land.
(For more on the effect of oil prices on housing, see IBD’s Inside Real Estate story Will Boomtown Property Prices Waver With Oil Prices?)Next up, with a 9.1% gain, was Dallas-Plano-Irving, followed by Los Angeles-Long Beach-Glendale at 8.7%, Atlanta-Sandy Springs-Roswell at 7.5% and then Southern California’s Riverside-San Bernardino-Ontario at 5.8%.
Stocks in IBD’s Building-Residential/Commercial industry group are collectively up 4% this year and 12% from a January dip. Half a dozen stocks in the group are highly ranked, with a Composite Rating of at least 90 out of a possible 99, led by Lennar (LEN), D.R. Horton (DHI), Standard Pacific (SPF) and Toll Bros. (TOL) (Composite Ratings factor in several metrics, such as earnings growth and stock-price gains.)Related: Where Real Estate Rents Are Poised To JumpFollow Donna Howell on Twitter: @IBD_DHowell.
- Real Estate
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