CoreLogic Home Price Index Rises by Almost 10 Percent Year Over Year in January
––Pending HPI Projects Solid Growth in February––
Irvine, Calif., March 5, 2013 /PRNewswire/ — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January 2013 compared to January 2012. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.7 percent in January 2013 compared to December 2012*. The HPI analysis shows that all but two states, Delaware and Illinois, are experiencing year-over-year price gains.
Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that February 2013 home prices, including distressed sales, are expected to rise by 9.7 percent on a year-over-year basis from February 2012 and fall by 0.3 percent on a month-over-month basis from January 2013, reflecting a seasonal winter slowdown. Excluding distressed sales, February 2013 home prices are poised to rise 11.3 percent year over year from February 2012 and by 1.8 percent month over month from January 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.
“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic. “With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.”
“Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”
Highlights as of January 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).
- Including distressed sales, this month only two states posted home price depreciation: Illinois (-0.4 percent) and Delaware (-0.1 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+17.5 percent), Arizona (+16.5 percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2 percent).
- Excluding distressed sales, no states posted home price depreciation in January.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2013) was -26.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.9 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-51.6 percent), Florida (-43.0 percent), Arizona (-38.9 percent), Michigan (-37.4 percent) and Rhode Island (-35.5 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 are showing year-over-year increases in January, up from 87 in December.
*December 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 1: January HPI for the Country’s Largest CBSAs by Population (Sorted by Single Family Including Distressed)
Table 2: January National and State HPI (Sorted 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
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 6,813 ZIP codes (58 percent of total U.S. population), 625 Core Based Statistical Areas (86 percent of total U.S. population) and 1,199 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.
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