Core logic released its January CoreLogic Home Price
Index (HPI) report today. Home prices nationwide, including distressed sales,
increase on a year-over-year basis by 9.7 percent in January year-to-year. It’s
the biggest increase since April 2006, and the eleventh consecutive monthly
increase in national home prices.
On a month-over-month basis, overall home prices
increased 0.7 percent in January 2013 compared to December 2012. All but two
states, Delaware and Illinois, saw year-over year price gains.
Excluding distressed sales, home prices increased on a
year-over-year basis by 9.0 percent in January 2013 compared to January 2012.
On a month-over-month basis, excluding distressed sales, home prices increased
1.8 percent in January 2013 compared to December 2012. Distressed sales
included short sales and real estate owned (REO) transactions.
February
Projection
The CoreLogic Pending HPI indicates that overall February
2013 home prices are expected to rise by 9.7 percent on a year-over-year bases
but fall 0.3 percent on a month-over-month compared to January prices,
reflecting a seasonal winter slowdown.
However, CoreLogic also creates a set of home price
numbers that excludes distressed sales. Looking at those, prices will rise
year-to-year (11.3 percent) and month-to-month (1.8 percent). The CoreLogic
Pending HPI is based on Multiple Listing Service (MLS) data that measure
changes.
“The HPI showed strong growth during the typically slow
winter season.” Said Mark Fleming, chief economist for CoreLogic. “With these
gains, the housing market is poised to enter into the Spring selling season on
sound footing. The improvements are materializing across the country, with all
but Delaware and Illinois showing increasing HPI, and 15 states with 10 percent
of their value.
HPI highlights for January 2013
If including distressed sales:
• The five states with the highest home price appreciation
were: Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent),
California (+14.1 percent) and Hawaii (+14.0 percent).
• Only two states posted home price depreciation: Illinois
(-0.4 percent) and Delaware (-0.1 percent).
• The peak-to-current change (current prices compared to
all-time highs, April 2006 to January 2013) was -26.4 percent.
• The five states with the largest peak-to-current declines,
including distressed transactions, were Nevada (-51.6 percent), Florida
(-43.0 percent), Arizona (-38.9 percent), Michigan
(-37.4 percent) and Rhode Island (-35.5 percent).
• Of the top 100 Core Based Statistical Areas measured by
population, 92 are showing year-over-year increases in January, up from 87 in
December.
If excluding distressed sales:
• When excluding distressed sales, the five states with the
highest home price appreciation were: Nevada (+17.5 percent), Arizona (+16.5
percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2
percent).
• No states posted home price depreciation in January.
• The peak-to-current change in the HPI for the April 2006 to
January 2013 period was 19.9 percent.
Source: Floridarealtors.org
