City home price increase half of US average

While Springfield home prices rose in February, the city’s pace was half that of the national average.

Queen City prices - including distressed sales that factor short sales and real-estate owned transactions - increased 3.4 percent during the month compared to February 2015, according to a news release from real estate market tracker CoreLogic.

The national average increase was 6.8 percent. In Missouri, home prices moved up 5.7 percent from a year earlier.

"Home prices continue to rise across the U.S. with every state posting year-over-year gains during the last 12 months," said Anand Nallathambi, president and CEO of CoreLogic, in the release. "Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000."

Compared to January, Springfield’s home prices ticked up 0.5 percent, and the national average increased 1.1 percent.