Home prices are on the rise across the country as the spring selling season begins, but some states are experiencing a bigger boost than others.
Nationally, home prices increased 6.8 percent in February from the same month a year ago, according to the latest figures from CoreLogic. No state saw prices fall in February, but just 14 states experienced price gains that outpaced the national average. Wyoming, West Virginia and Louisiana all registered increases of less than one percent.
Prices are getting a boost from low housing inventory — which often spurs bidding wars — and attractive mortgage rates, which this week hit a 14-month low at 3.59 percent, giving homebuyers greater purchasing power.
The number of existing homes for sale in February was down 1.1 percent from a year ago, but up 3.3 percent from January.
"Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period," said Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. "These economic forces will sustain home purchases during the spring and support the 5.2 percent home price appreciation CoreLogic has projected for the next year."