Home prices were up 6.9% in April over the prior year, as lower mortgage rates during the month stimulated consumer demand to purchase a property, according to CoreLogic.
"Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity," said CoreLogic Chief Economist Frank Nothaft in a press release. "In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains."
There was 3% year-over-year growth in rent for single-family rental properties.
CoreLogic includes distressed home sales in its calculations.
There was a 12.1% increase in home prices in Washington, while Utah had a 10.1% increase. But prices in Wyoming declined by 3.9%, while Delaware and Alaska had a 0.2% drop.
CoreLogic expects home prices to increase 5.1% by April 2018.
