West region leads national recovery in home prices
Home prices in West jump nearly 14 percent
All four major U.S. regions saw home prices rise in February, led by significant gains in the West region, Clear Capital said in a recent report.
Clear Capital, which analyzes home prices nationally and locally on a monthly basis, revealed that home prices rose 6.1 percent yearly on a national level in February. Some regional, local and metropolitan gains were even more noteworthy.
The West region saw the biggest year-over-year gains in February, rising 13.6 percent. This region also experienced the largest quarter-over-quarter growth of any region at 2.1 percent.
The South region posted a 5.1 percent yearly gain on home prices along with a 0.8 percent quarterly gain, while the Midwest region rose 4.0 percent yearly and 0.4 percent quarterly.
Home prices also rose in the Northeast region, but at a lower rate than the other three regions. Year-over-year prices gains in the Northeast came in at 2.6 percent, while quarterly gains totaled 0.7 percent.
Some metro areas see spike in prices
The fifteen highest performing metropolitan areas around the country all had year-over-year home price increases of 8.3 percent or higher.
Metro markets leading the way include Phoenix, AZ at a 26.9 percent yearly gain; San Jose, CA (18.8 percent increase); Seattle, WA (18.6 percent); Las Vegas (18.4 percent) and San Francisco, CA (17.5 percent).
On a quarterly basis, the top metropolitan markets included Las Vegas (3.4 percent gain), Phoenix (3.3 percent) and Sacramento, CA (3.1 percent).