Analysis Projects Year-Over-Year Growth of 12.5 Percent in July
IRVINE, Calif., Aug. 6, 2013 /- CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its June CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 11.9 percent on a year-over-year basis in June 2013 compared to June 2012. This change represents the 16th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June 2013 compared to May 2013*.
Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and rise by 1.8 percent on a month-over-month basis from June 2013. Excluding distressed sales, July 2013 home prices are poised to rise 11.4 percent year over year from July 2012 and by 1.3 percent month over month from June 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.
"In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent," said Dr. Mark Fleming, chief economist for CoreLogic. "This trend in home price gains is moving at the fastest pace since 1977."
"The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July," said Anand Nallathambi, president and CEO of CoreLogic. "Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels."
Highlights as of June 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent).
- Including distressed sales, this month only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent).
- Excluding distressed sales, no states posted home price depreciation in June.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2013) was -19 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -14 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in June, up from 98 in May 2013.
*May data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
Table 2: June National and State HPI (Ranked by Single Family Including Distressed)
Figure 1: Home Price Index
Percentage Change Year Over Year
Map 1: Single-Family Combined Series
12-Month Change by State
Map 2: Single-Family Combined Excluding Distressed Series
12-Month Change by State
Methodology
The CoreLogic HPI™ incorporates more than 30 years’ worth of repeat sales transactions,
representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices available covering 6,912 ZIP codes (58 percent of total U.S. population), 638 Core Based Statistical Areas (86 percent of total U.S. population) and 1,222 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
Source: CoreLogic
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About CoreLogic
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
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SOURCE CoreLogic