CoreLogic: June home prices up 11.9% year over year

ScottSorensonRealEstate.Com

IRVINE, Calif. – Aug. 6, 2013 – Home prices nationwide, including distressed sales, increased 11.9 percent in June on a year-over-year basis, according to CoreLogic’s June Home Price Index (HPI) report released today. It’s the sixteenth consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices rose 1.9 percent compared to May 2013.

According to CoreLogic, Florida numbers fall close to the national average. Including distressed sales, prices rose in June 11 percent year-to-year and 1.8 percent month-to-month.

If Florida’s distressed sales – short sales and real estate owned (REO) transactions – are backed out of the equation, the state’s home prices rose 12.7 percent year-to-year and 2.1 percent month-to-month.

The CoreLogic Pending HPI analyzes home price changes for the most recent month. According to that analysis, July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and by 1.8 percent on a month-over-month basis from June 2013. The CoreLogic Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” says Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.”

“The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” adds Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”
Highlights of June 2013

• Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent).

• Including distressed sales, only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).

• Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent).

• Excluding distressed sales, no states posted home price depreciation in June.

• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent).