Home prices started 2017 on the rise, but the biggest housing gains occurred in just a handful of states.
Housing values increased 6.9 percent in January compared with the same month a year ago, according to the latest figures from CoreLogic. Home prices also rose month over month by 0.7 percent, the company found.
CoreLogic forecasts housing prices to increase 4.8 percent from January 2017 to January 2018.
"Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory," said Frank Martell, president and CEO of CoreLogic, in a statement. "A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future.”
The state with the strongest housing market is Washington, where prices rose nearly 11 percent in January compared to a year ago. Prices fell in only one state — Maine.
And just nine states posted price increases that surpassed the national average, according to CoreLogic.