prices, including sales of distressed homes, increased nationally by 12 percent
in the 12 months ended in January CoreLogic said today. This was the 23rd consecutive
month in which the company's Home Price Index (HPI) showed prices up nationally
on a year-over-year basis. Excluding
distressed sales prices rose 9.8 percent.
prices, including distressed sales, rose 0.9 percent and excluding those sales were
up 0.7 percent. Distressed sales are
short sales and sales of bank-owned real estate (REO).
states surpassed their previous home price peaks in 2013. The three, Texas, Nebraska, and Louisiana
established new price peaks for the month while 19 other states and the
District of Columbia are within 10 percent of their peak prices. All
three of the states setting new market had rates of appreciation below the
national average in 2013. The new peaks
may be as much a factor of having suffered smaller than average declines in
home values during the housing crisis as an indication of strong appreciation during
the recovery. On a national basis the
peak to current change in the HPI from the peak in April 2006 to the present
was -17.3 percent including distressed property sales and -13.3 percent
states with the highest 12 month price appreciation were Nevada (+22.2 percent), California (+20.3
percent), Oregon (+14.3
percent), Michigan (+13.7
percent) and Georgia (+13.4 percent). Arizona and Florida also had a higher rate of
appreciation than the national average.
Mississippi prices declined 0.3 percent, the only state to show depreciation
on CoreLogic's HPI which included distressed sales.
Every state and the District of Colombia had a year-over-year increase in
the HPI which excludes distressed sales.
The top five were Nevada (+17.2 percent), California (+16.0
percent), Florida (+12.7 percent),
percent) and Oregon (+11.4 percent).
CoreLogic's Pending HPI forecasts that February 2014 home prices including distressed sales
will increase 12.5 percent year over
year from February
2013. Home prices are
expected to increase
0.7 percent from January 2014 to February 2014. Excluding distressed sales the annual appreciation is predicted at 10.4 percent and the
monthly change at +1.1 percent. The
Pending HPI is based on Multiple
Listing Service (MLS) data that
measures price changes for the most
and a string of snow storms did not manage
to weaken house
price appreciation in January," said Dr. Mark Fleming, chief economist
for CoreLogic. "The last
time January month-over-month and year-over-year price
appreciation was this strong was at the height
of the housing bubble in 2006."
"Home prices continued to march higher in January and
we expect to see more increases as the market
comes out of hibernation for the spring
buying season," said Anand Nallathambi, president and CEO of CoreLogic. "Excluding distressed sales, all
50 states and the District
of Columbia showed year-over-year home price appreciation for
97 of the top 100 Core Based Statistical
Areas measured by population
showed year-over-year increases
in January 2014. The
three that did not were New Haven-Milford,
Connecticut, Philadelphia, and Rochester, New York.