At the state level, including distressed sales, Louisiana, Nebraska and Texas surpassed their previous home price peaks in January 2014. In all, 22 states and the District of Columbia are at or within 10 percent of their peak home price appreciation. Additionally, over the past year, seven states equaled or grew faster than the nation as a whole, including Nevada, California, Oregon, Michigan, Georgia, Arizona and Florida.
Excluding distressed sales, home prices nationally increased 9.8 percent in January 2014 compared to January 2013 and 0.7 percent month over month compared to December 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that February 2014 home prices, including distressed sales, are projected to increase 12.5 percent year over year from February 2013. On a month-over-month basis, home prices are expected to increase 0.7 percent from January 2014 to February 2014. Excluding distressed sales, February 2014 home prices are poised to rise 10.4 percent year over year from February 2013 and 1.1 percent month over month from January 2014. 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.
“Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January,” said Dr. Mark Fleming, chief economist for CoreLogic. “The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”
“Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season,” said Anand Nallathambi, president and CEO of CoreLogic. “Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January.”
Highlights as of January 2014:
- Including distressed sales, the five states with the highest home price appreciation were Nevada (+22.2 percent), California (+20.3 percent), Oregon (+14.3 percent), Michigan (+13.7 percent) and Georgia (+13.4 percent).
- Including distressed sales, only Mississippi (-0.3 percent) posted home price depreciation in January 2014.
- Excluding distressed sales, the five states with the highest home price appreciation were Nevada (+17.2 percent), California (+16.0 percent), Florida (+12.7 percent), Arizona (+11.5 percent) and Oregon (+11.4 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 2014) was -17.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-40.1 percent), Florida (-36.4 percent), Arizona (-30.8 percent), Rhode Island (-30.5 percent) and West Virginia (-28.9 percent).
- Ninety-seven of the top 100 Core Based Statistical Areas** (CBSAs) measured by population showed year-over-year increases in January 2014. The three CBSAs that did not show an increase were New Haven-Milford, CT, Philadelphia, PA. and Rochester, NY.
*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.
**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 6,983 ZIP codes (58 percent of total U.S. population), 635 Core Based Statistical Areas (86 percent of total U.S. population) and 1,235 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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