Corridor home prices rose in February

Home prices in the Corridor and the nation increased year-over-year in February.

Cedar Rapids home prices, including distressed sales, increased by 2.6 percent in February compared with February 2014, according to CoreLogic of Irvine, Calif. Excluding distressed sales, year-over-year prices rose by 1.9 percent in February compared with February 2014.

'This is the hottest home price appreciation prior to the spring selling season in nine years,” said Anand Nallathambi, president and CEO of CoreLogic, in a news release. 'Assuming a benign interest rate environment and continued strong consumer confidence, we expect home prices to rise by an additional 5 percent over the next 12 months.”

On a month-over-month basis, Cedar Rapids home prices, including distressed sales, decreased by 0.5 percent in February compared with January 2015. On a month-over-month basis, excluding distressed sales, Cedar Rapids home prices decreased 0.3 percent in February compared with January 2015.

Iowa City home prices - including distressed sales - rose by 3.7 percent in February compared with February 2014. Excluding distressed sales, year-over-year prices increased by 4.1 percent in February compared with February 2014.

On a month-over-month basis, Iowa City home prices - including distressed sales - increased by 0.9 percent in February compared with January 2015. On a month-over-month basis, Iowa City home prices - excluding distressed sales - decreased by 0.6 percent in February compared with January 2015.

Home prices nationwide - including distressed sales - increased 5.6 percent in February compared with February 2014. On a month-over-month basis, home prices nationwide - including distressed sales - increased by 1.1 percent in February compared with January 2015.