Annual Price Growth is the Strongest Since 2005
IRVINE, Calif., Feb. 4, 2014 — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its December CoreLogic Home Price Index (HPI®) report. Year over year, home prices nationwide, including distressed sales, increased 11 percent in December 2013 compared to December 2012. This change represents the 22nd consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, decreased by 0.1 percent in December 2013 compared to November 2013.*
Excluding distressed sales, home prices increased 9.9 percent in December 2013 compared to December 2012 and 0.2 percent month over month compared to November 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that January 2014 home prices, including distressed sales, are projected to increase 10.2 percent year over year from January 2013. On a month-over-month basis, home prices are expected to dip 0.8 percent from December 2013 to January 2014. Excluding distressed sales, January 2014 home prices are poised to rise 9.7 percent year over year from January 2013 and 0.2 percent month over month from December 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 measures price changes for the most recent month.
"Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks," said Dr. Mark Fleming, chief economist for CoreLogic. "We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014."
"The healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014," said Anand Nallathambi, president and CEO of CoreLogic. "After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the United States."
Highlights as of December 2013:
- Including distressed sales, the five states with the highest home price appreciation were Nevada (+23.9 percent), California (+19.7 percent), Michigan (+14.0 percent), Oregon (+13.7 percent) and Georgia (+12.8 percent).
- Including distressed sales, Arkansas (-1.5 percent), New Mexico (-1.3 percent) and Mississippi (-.2 percent) posted home price depreciation in December 2013.
- Excluding distressed sales, the five states with the highest home price appreciation were Nevada (+20 percent), California (+16.2 percent), Idaho (+12.8 percent), Oregon (+11.6 percent) and Florida (+11.5 percent).
- Excluding distressed sales, no states posted home price depreciation in December.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2013) was -18.0 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.6 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-40.6 percent), Florida (-37.6 percent), Arizona (-31.8 percent), Rhode Island (-30.3 percent) and West Virginia (-25.6 percent).
- Ninety-five of the top 100 Core Based Statistical Areas** (CBSAs) measured by population showed year-over-year increases in December 2013.
*November 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.
**The Office of Management and Budget (OMB) issued a bulletin on Feb. 28, 2013, establishing revised Core Based Statistical Area (CBSA) delineations. These new delineations are reflected in this data.
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 6,975 ZIP codes (58 percent of total U.S. population), 632 Core Based Statistical Areas (86 percent of total U.S. population) and 1,233 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
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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.