CoreLogic, a leading residential property information, analytics and services provider, released its May CoreLogic Home Price Index report this week. Home prices nationwide have increased over 12% in the last 12 months. This is the biggest 12 month increase since February 2006. May also represents the 15 consecutive month that the nation has seen home values increase. The last 30 days alone have seen home values increase more than 2.5%.
Corelogic also predicts that next month the country will see home prices further increase to over 13% for the previous 12 months with a single month gain of close to 3%.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Dr. Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”
“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”
Home Prices Rise by 12.1 Percent Year Over Year in April
Chief Economist, CoreLogic Case-Shiller, Dr. David Stiff – CoreLogic, joins us in studio to talk about the state of the economy and its effects on housing and prices. Dr. Stiff is the chief economist for CoreLogic’s nationally known Case-Shiller Home Price Index.
Home Prices Rise by 12.1 Percent Year Over Year in April!
CoreLogic, a leading residential property information, analytics and services provider, today released its April CoreLogic HPI™ report. Home prices nationwide, including distressed sales, increased 12.1 percent on a year-over-year basis in April 2013 compared to April 2012. This change represents the biggest year-over-year increase since February 2006 and the 14th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 3.2 percent in April 2013 compared to March 2013.
Highlights as of April 2013: Full Report click: News Release
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+24.6 percent), California (+19.4 percent), Arizona (+17.3 percent), Hawaii (+17 percent) and Oregon (+15.5 percent).
- Including distressed sales, this month only two states posted home price depreciation: Mississippi (-1.7) and Alabama (-1.6 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+22.6 percent), California (+18.3 percent), Idaho (+16.4 percent), Arizona (+15.3 percent) and Washington (+13.9 percent).
- Excluding distressed sales, no states posted home price depreciation in April.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2013) was -22.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -16.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-47.3 percent), Florida (-40.5 percent), Michigan (-36.1 percent), Arizona (-36 percent) and Rhode Island (-34.7 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 94 were showing year-over-year increases in April, the same as in March 2013.
Full-month April 2013 national data can be found at http://www.corelogic.com/HPIApril2013