CoreLogic: Home Prices Up 12.2% From May 2012 To May 2013

Posted by Patrick Barnard on July 02, 2013 No Comments
Categories : Residential Mortgage

CoreLogic's Home Price Index (HPI) report, based on its Multiple Listing Service data, shows that home prices nationwide, including distressed sales, increased 12.2% on a year-over-year basis in May, the biggest year-over-year increase since February 2006 and the 15th consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices increased 2.6%.

Excluding distressed sales, home prices increased 11.6% on a year-over-year basis and 2.3% on a month-over-month basis.

Distressed sales include short sales and real estate-owned transactions.

CoreLogic forecasts similar results for June. Including distressed sales, transactions are expected to rise by 13.2% on a year-over-year basis from June 2012 and by 2.9% on a month-over-month basis from May.

Excluding distressed sales, June 2013 home prices are poised to rise 12% year-over-year from June 2012 and 2% month-over-month from May.

"It's been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains," said Dr. Mark Fleming, chief economist for CoreLogic. "As we approach the halfway point of 2013, home prices continue to respond positively to the reductions in home inventory thus far."

"Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace," said Anand Nallathambi, president and CEO of CoreLogic. "Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months."

The five states with the highest home price appreciation, including distressed sales, were Nevada (26%), California (20.2%), Arizona (16.9%), Hawaii (16.1%) and Oregon (15.5%). Including distressed sales, only two states posted home price depreciation in May: Delaware (-0.6%) and Alabama (-0.1%).

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