prices increased continued in July and those increases continue to be
broad-based CoreLogic said on Tuesday.
The company's Home Price Index (HPI) report says that prices nationwide
including distressed sales (short sales and sales of bank-owned real estate)
were up 1.2 percent from June to July and increased 7.4 percent compared to July
2013. July thus becomes the 29th
month in which prices increased on an annual basis. CoreLogic points out however that these are no longer double-digit increases. The HPI which excludes distressed sales gained
6.8 percent on a year-over-year basis and was up 1.1 percent from June.
HPI which excludes distressed sales increased in every state and the District
of Columbia. Arkansas was the only state to post a decline
- 0.9 percent - when distressed sales were included. Eleven states and the District of Columbia
reached new highs on that index which contains data back to 1976. Those states are Alaska, Colorado, Iowa, Louisiana, Nebraska, North Dakota,
Oklahoma, South Dakota, Tennessee, Texas and Vermont.
The largest annual increases in home
values including distressed sales were in Michigan (+11.4 percent), Maine
(+10.6 percent), Nevada (+10.6 percent), Hawaii (+10.5 percent) and California
(+10.5 percent). Excluding distressed
sales the biggest gains were in Massachusetts (+11.2 percent), New York (+9.7
percent), Maine (+9.5 percent), Hawaii (+9.2 percent) and Florida (+8.8
"While home prices have clearly
moderated nationwide since the spring, the geographic drivers of price
increases are shifting," said Sam Khater, deputy chief economist for
CoreLogic. "Entering this year, price increases were led by western and
southern states, but over the last few months northeastern and midwestern
states are migrating to the forefront of home price rankings."
CoreLogic is forecasting that home
prices including distressed sales will increased 0.6 percent from July to
August and will be 5.7 percent higher in July 2015 than in July 2014. Excluding distressed sales the monthly
increase is projected at 0.5 percent and by 5.2 percent year-over-year. The Forecast is a monthly projection of home
prices built using the CoreLogic HPI and other economic variables. Values are
derived from state-level forecasts by weighting indices according to the number
of owner-occupied households for each state.
"Home prices continued to march
higher across much of the U.S. in July. Most states are reaching price levels
not seen since the boom year of 2006," said Anand Nallathambi, president
and CEO of CoreLogic. "Our data indicates that this trend will continue,
with more states hitting new all-time peaks this year and into 2015 as the
Home prices are now down 11.9
percent from the peak in the national HPI that includes distressed sales. The peak-to-current change for the index
excluding distressed sales is -8.3 percent.
The peaks were established in April 2006. Some states however still substantially lag
the national recovery. In Nevada prices
are still 36.4 percent below the peak and in Florida 33.0 percent. Other states well below peak prices are
Arizona (-28.9 percent), Rhode Island (-26.9 percent), and New Jersey (- 20.6
Only two of the 100 Core Based Statistical
Areas with the largest populations failed to post year-over-year increases (those
numbers were provided for June.) These
were Worcester Massachusetts and Little Rock Arkansas.