Sonoma County home prices jump 10 percent year-over-year in April

Sonoma County home prices rose nearly 10 percent in April from a year earlier, property data service CoreLogic reported Tuesday.

The county’s 9.9 percent increase was greater than the 7.1 percent rise for the state or the 6.8 percent rise for the nation.

As well, county home prices rose 2.6 percent last month compared to March. That was similar to the national monthly increase in home prices of 2.7 percent.

Analysts attributed the rising values to demand fueled by improving consumer finances and confidence, along with historically low mortgage rates.

“We expect continued price appreciation throughout 2015 and into next year,” said Anand Nallathambi, president and CEO of CoreLogic. “Over the longer term, household formation, up by more than 1 million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas. This should provide the necessary underpinning for rising prices for the foreseeable future.”

The demand has resulted in more homes sold nationally.

“For the first four months of 2015, home sales were up 9 percent compared to the same period a year ago,” said Frank Nothaft, CoreLogic’s chief economist.

Thirty states last month rose to within 10 percent of their peak home prices. Of those, eight states, including Alaska, Colorado, Nebraska, New York, Oklahoma, Tennessee, Texas and Wyoming, plus the District of Columbia, all surpassed the highest prices on record since January 1976, when CoreLogic began its Home Price Index.

The Home Price Index tracks increases and decreases in sale prices for the same homes over time. It relies on more than 30 years of repeat sales transactions for both houses and condominiums.

The March figures includes sales of distressed properties. Excluding such sales, county values rose 10 percent from a year earlier.

You can reach Staff ?Writer Robert Digitale ?at 521-5285 or robert.digi?tale@pressdemocrat.com. On Twitter @rdigit