CoreLogic Reports July Home Prices Rise by 12.4 Percent Year Over Year
—Analysis Projects Year-Over-Year HPI Growth of 12.3 Percent in August—
Irvine, Calif., September 3, 2013 /PRNewswire/ — CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its July CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in July 2013 compared to July 2012. This change represents the 17th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.8 percent in July 2013 compared to June 2013*.
Excluding distressed sales, home prices increased on a year-over-year basis by 11.4 percent in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.7 percent in July 2013 compared to June 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that August 2013 home prices, including distressed sales, are expected to rise by 12.3 percent on a year-over-year basis from August 2012 and rise by 0.4 percent on a month-over-month basis from July 2013. Excluding distressed sales, August 2013 home prices are poised to rise 12.2 percent year over year from August 2012 and by 1.2 percent month over month from July 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.
“Home prices continued to surge in July,” said Dr. Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
“Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way,” said Anand Nallathambi, president and CEO of CoreLogic. “Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006.”
Highlights as of July 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (23.2 percent), Arizona (16.4 percent) and Oregon (+15 percent).
- Including distressed sales, this month only one state posted home price depreciation: Delaware (-1.3 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (20.2 percent), Arizona (13.5 percent) and Florida (+13.5 percent).
- Excluding distressed sales, no states posted home price depreciation in July.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2013) was -17.6 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.9 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-43 percent), Florida (-37.4 percent), Arizona (-32.5 percent), Rhode Island (-29.7 percent) and Michigan (-27.7 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in July, equaling the measure in June 2013.
*June 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.
July HPI for the Country’s Largest CBSAs by Population (Ranked by Single-Family Including Distressed)
July 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
Single-Family Combined Series Peak to Current Declines 12-Month Change by State
Single-Family Combined Excluding Distressed Series Peak to Current Declines 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 6,925 ZIP codes (58 percent of total U.S. population), 641 Core Based Statistical Areas (86 percent of total U.S. population) and 1,225 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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