Year on year house price appreciation, still a lusty 6.7%, reveals there's still a bit of headroom--about 5.3%--between current levels and the insane pre-collapse price peaks of April 2006.
CoreLogic analyst Molly Boesel notes that, behind the headline data points, there are some shifts to softening. Appreciation slowed in some oil markets such as in several Texas metro areas: Houston-The Woodlands-Sugar Land logged a 6.1% year-over-year gain; Midland logged a 3.6% increase; and Odessa logged a 0.5% gain. However, Boesel writes that some states are chugging along with plenty of mojo:
Washington showed the largest HPI gain of all states in March 2016 with a 13 percent year-over-year increase, followed by Colorado (+10 percent) and Oregon (+10 percent). All states and the District of Columbia posted year-over-year appreciation. Nevada home prices were the farthest below their all-time HPI high, still 29.7 percent lower than the state’s March 2006 peak.