Mortgage origination volume increased 16% year-over-year, according to data from Experian, providing further evidence of economic recovery throughout the country.
The data from Experian also indicated a strong rebound in the Midwest as well as unprecedented lows in bankcard delinquencies.
"This year is off to a solid start given continued upward trends in origination activity," said Linda Haran, director of product management and strategy for Experian Decision Analytics.
She added, "With loan delinquency continuing to show exceptional performance, combined with the growth in originations over the past year, we expect to see a strong remainder of the year, and an improving economy can keep this performance going."
According to Experian, average home prices increased slowly from 2011, with California continuing to lead the way. The Golden State had an average home price of $325,000.
The South Central region rose to $169,000, passing the Midwest, which only came in at $163,000. However, regional share of originated mortgage dollars revealed strong activity in the Midwest as the new year started, with the Midwest growing 27% year-over-year to $101 billion. This is the first time in two years that the region surpassed California, which grew by 6% to $92 billion.