First Since 2006: Home Prices Up More Than 10 Percent Year Over Year

Posted by Orb Staff on May 08, 2013 No Comments
Categories : Residential Mortgage

The March 2013 CoreLogic HPI report shows that home prices nationwide, including distressed sales, increased 10.5% on a year-over-year basis compared to March 2012, representing the biggest year-over-year increase since March 2006 and the 13th consecutive monthly increase in home prices nationally.

On a month-over-month basis, home prices increased by 1.9% in March 2013 compared to February 2013, the company adds.

‘For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,’ says Dr. Mark Fleming, chief economist for CoreLogic. ‘The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.’

Highlights as of March 2013 include the following:

  • Including distressed sales, the five states with the highest home price appreciation were Nevada (22.2%), California (17.2%), Arizona (16.8%), Idaho (14.5%) and Oregon (14.3%).
  • Only four states posted home price depreciation: Delaware (-3.7%), Alabama (-3.1%), Illinois (-1.8%) and West Virginia (-0.3%).
  • Of the top 100 Core Based Statistical Areas measured by population, 88 showed year-over-year increases, down from 92 in February.
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