Home prices increased on an annual basis for the eighth
consecutive month on the CoreLogic Home Price Index (HPI) for October. The nationwide index which tracks home prices
of both market and distressed sales has increased 6.3 percent since October
2011. This is the largest increase since
June 2006. As CoreLogic notes should be
anticipated as the housing market enters its off-season, monthly sales were
down 0.2 percent from September.
The HPI covering only market sales increased by 5.8 percent
in October 2012 compared to October 2011 and was up 0.5 percent from September. October was the eighth month this index
increased on an annual basis as well.
These solid increases were
felt nationwide as all but five states are experiencing year-over-year price
gains including distressed sales and all but three when foreclosure and short
sales are excluded. Negative changes for
all sales were recorded in Illinois (-2.7 percent),
Delaware (-2.7 percent), Rhode Island (-0.6 percent), New Jersey (-0.6 percent)
and Alabama (-0.3 percent). The three
states posting depreciation for market rate sales were Delaware (-2.1
percent), Alabama (-1.5 percent) and New Jersey (-0.2 percent).
housing recovery that started earlier in 2012 continues to gain momentum,"
said Mark Fleming, chief economist for CoreLogic. "The recovery is
geographically broad-based with almost all markets experiencing some
appreciation. Sand and energy states continue to experience the most robust
appreciation and some judicial foreclosure states are even recording increasing
price appreciation in some states was substantial. The five states with the highest home price appreciation
including distressed sales were: Arizona
(+21.3 percent), Hawaii (+13.2 percent), Idaho (+12.4 percent), Nevada (+12.4
percent) and North Dakota (+10.4 percent).
Excluding distressed sales,
the five states with the highest home price appreciation were: Arizona (+16.6 percent),
Hawaii (+12.2 percent), Nevada (+10.8 percent), Idaho (+9.7 percent) and California
distressed transactions, the peak-to-current change in the national HPI from its
peak level in April 2006 to October 2012 was -26.9 percent. Excluding
distressed transactions, the peak-to-current change in the HPI for the same
period was -20.6 percent.
CoreLogic is projecting that home prices in
November, including distressed sales, will show an annual increase of 7.1
percent and a month-over-month decrease of 0.3 percent due to the expected
seasonal slowdown in sales activity. Excluding
distressed sales, the CoreLogic Pending HPI is expected to rise 7.4 percent from
November 2011 and by 0.5 percent month-over-month from October 2012.