–Analysis Projects Year-Over-Year HPI Growth of 12.5 Percent in October
Calif., Nov. 5, 2013 — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its September CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 12 percent on a year-over-year basis in September 2013 compared to September 2012. This change represents the 19th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.2 percent in September 2013 compared to August 2013*.
Excluding distressed sales, home prices increased on a year-over-year basis by 10.8 percent in September 2013 compared to September 2012. On a month-over-month basis, excluding distressed sales, home prices increased 0.3 percent in September 2013 compared to August 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that October 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from October 2012 and rise by 0.1 percent on a month-over-month basis from September 2013. Excluding distressed sales, October 2013 home prices are poised to rise 11.2 percent year over year from October 2012 and by 0.1 percent month over month from September 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.
"September marked the unofficial five-year anniversary of the start of the housing crisis," said Dr. Mark Fleming, chief economist for CoreLogic. "The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008."
"U.S. home prices continued their ascent in September. Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks," said Anand Nallathambi, president and CEO of CoreLogic. "We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term."
YoY HPI Growth for 25 Highest Rate States
Min, Max, Current Since January 1976
Highlights as of September 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+25.3 percent), California (+22.5 percent), Arizona (+14.6 percent), Georgia (+14.4 percent) and Michigan (+13.9 percent).
- Including distressed sales, no states posted home price depreciation in the month of September.
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+22.4 percent), California (+18.9 percent), Utah (+13.2 percent), Arizona (+12.6 percent) and Florida (+12.6 percent).
- Excluding distressed sales, no states posted home price depreciation in the month of September.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to September 2013) was -17.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.1 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-41.4 percent), Florida (-37.7 percent), Arizona (-32.1 percent), Rhode Island (-28.3 percent) and West Virginia (-26.5 percent).
- All of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in September 2013.
*August 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: September National and State HPI (Ranked by Single Family Including Distressed)
Figure 1: Home Price Index
Percentage Change Year Over Year
Figure 2: YoY HPI Growth for 25 Highest Rate States
Min, Max, Current Since January 1976
Map 1: Single-Family Combined Series Peak to Current Declines
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 6,948 ZIP codes (58 percent of total U.S. population), 647 Core Based Statistical Areas (86 percent of total U.S. population) and 1,227 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
The data provided are for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com . Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
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.