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The CoreLogic Pending Home Price Index indicates that October home prices are expected to rise by 12.5 percent on a year-over-year basis and rise by 0.1 percent on a month-over-month basis from September.

CoreLogic: September Prices Up 12 Percent

The CoreLogic Pending Home Price Index indicates that October home prices are expected to rise by 12.5 percent on a year-over-year basis and rise by 0.1 percent on a month-over-month basis from September.

Excluding distressed sales, October 2013 home prices are poised to rise 11.2 percent year over year from October 2012 and by 0.1 percent month over month from September 2013. The CoreLogic Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

In September, home prices nationwide increased 12 percent on a year-over-year basis in September compared to September 2012. This change represents the 19th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis home prices increased by 0.2 percent in September compared to August.

“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Dr. Mark Fleming, chief economist for CoreLogic. “The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008.”

“U.S. home prices continued their ascent in September. Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” said Anand Nallathambi, president and CEO of CoreLogic. “We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term.”

Highlights as of September 2013:

  • The five states with the highest home price appreciation were: Nevada (+25.3 percent), California (+22.5 percent), Arizona (+14.6 percent), Georgia (+14.4 percent) and Michigan (+13.9 percent).
  • No states posted home price depreciation in the month of September.
  • The peak-to-current change in the national HPI (from April 2006 to September 2013) was -17.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.1 percent.
  • The five states with the largest peak-to-current declines were Nevada (-41.4 percent), Florida (-37.7 percent), Arizona (-32.1 percent), Rhode Island (-28.3 percent) and West Virginia (-26.5 percent).
  • All of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in September 2013.

*August data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

CBSA

September 2013 12-Month HPI

Change by CBSA

Single-Family Including Distressed

Single-Family Excluding Distressed

Riverside-San Bernardino-Ontario, CA

23.9%

22.6%

Los Angeles-Long Beach-Glendale, CA

21.5%

18.4%

Atlanta-Sandy Springs-Marietta, GA

16.7%

14.3%

Phoenix-Mesa-Glendale, AZ

16.4%

14.0%

Houston-Sugar Land-Baytown, TX

11.1%

11.5%

Dallas-Plano-Irving, TX

9.7%

9.6%

New York-White Plains-Wayne, NY-NJ

9.3%

9.6%

Chicago-Joliet-Naperville, IL

9.1%

10.0%

Washington-Arlington-Alexandria, DC-VA-MD-WV

9.0%

8.9%

Philadelphia, PA

4.0%

4.2%

Source: CoreLogic.

September National and State HPI (Ranked by Single-Family Including Distressed):

State

September 2013 12-Month HPI

Change by State

Single-Family Including Distressed

Single-Family Excluding Distressed

National

12.0%

10.8%

Nevada

25.3%

22.4%

California

22.5%

18.9%

Arizona

14.6%

12.6%

Georgia

14.4%

12.4%

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