prices continue to increase by double digit percentages on a year-over-year
basis CoreLogic said today. The
company's Home Price Index (HPI) for February, an index that includes
distressed sales, was up 12.2 percent compared to February 2013. Thus February becomes the 24th
consecutive month in which there have been annual price increases. Home prices nationwide, including distressed
sales, increased by 0.8 percent in February compared to the previous month.
Including distressed sales,
the five states with the highest home price appreciation were California (+19.8
percent), Nevada (+18.5 percent), Georgia (+14.2 percent), Oregon (+13.8
percent) and Michigan (+13.5 percent).
There were no states with negative annual appreciation.
On its index which excludes
distressed sales, national home prices were up 10.7 percent compared to
February 2013 and 0.9 percent from January.
All 50 states and the District of Columbia showed annual increases with the
greatest appreciation in California
(+15.9 percent), Nevada (+14.6 percent), Florida (+13.1 percent), Washington
(+11.5 percent and Hawaii (+11.5 percent).
An additional nine states had double digit annual appreciation and Colorado, Nebraska, North Dakota, Texas and the District
of Columbia all reached new home price highs. Additionally, 22 states were at
or within 10 percent of their price peaks.
From the price peak in April
2006 to February the change in the national HPI was -16.9 percent including
distressed sales and 12.1 percent excluding them. The
five states with the largest remaining peak-to-current declines, including
distressed transactions, were Nevada (-39.9 percent), Florida (-36.4 percent),
Rhode Island (-30.9 percent), Arizona (-30.5 percent) and West Virginia (-26.6
Ninety-six of the top 100 Core
Based Statistical Areas (CBSAs) measured by population showed year-over-year
increases in February 2014. The four exceptions were Little Rock-North Little
Rock-Conway, Ark., Milwaukee-Waukesha-West Allis, Wis., Rochester, N.Y. and Virginia
Beach-Norfolk-Newport News, Va.-N.C.
"February marks two straight
years of year-over-year gains in national prices across the United States,"
said Anand Nallathambi, president and CEO of CoreLogic. "The consistent upward
movement in home prices should ultimately prove to be an important stimulant
for higher levels of sustained market activity and growth in the housing
CoreLogic said today's
report introduces a new forecast metric that provides advanced indication of
home price trends. The current forecast is
that home prices are projected to increase 0.5 percent month over month from
February 2014 to March 2014 and that home prices, including distressed sales, are
expected to rise 10.5 percent year over year from March 2013 to March 2014.
Excluding distressed sales, home prices are poised to rise 0.4 percent month
over month from February 2014 to March 2014 and 9.3 percent year over year from
March 2013 to March 2014.
"As the spring home-buying
season kicks off, house price appreciation continues to be strong," said Dr.
Mark Fleming, chief economist for CoreLogic. "Although prices should remain
strong in the near term due to a short supply of homes on the market, price increases
should moderate over the next year as home equity releases pent-up supply."