Real estate prices increased again in January, with several states reaching new historic highs, leading experts to wonder whether another real estate bubble might be brewing.
Nationwide, home prices rose by 5.7 percent in January compared to a year ago, according to data released Tuesday by CoreLogic.
CoreLogic also cited four states (Colorado, Texas, Wyoming and New York) where home prices have reached new historical record highs. Colorado was the state with the highest home price appreciation in January with a 9.1 percent increase, while Texas and Wyoming were shortly behind with 8.3 percent increases. New York homes rose by 5.6 percent.
“In part, these trends reflect the strength of regional economies,” Frank Nothaft, chief economist at CoreLogic, said in a press release. “Colorado and Texas have had stronger job creation and have seen 8 to 9 percent price gains over the past 12 months.” Core Logic wasn’t immediately available for comments.