June 2012 CoreLogic Home Price Index Now Up 2.5% Over Last Year

August 7th, 2012
in econ_news, syndication

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. increased in June 2012 2.5% year-over-year (1.3% month-over-month). This is the fourth consecutive month of year-over-year increase. The National Association of Realtors 3 month rolling average also ticked up strongly in June.

CoreLogic stated:

“Home prices are responding positively to reductions in both visible and shadow inventory over the past year,” said Mark Fleming, chief economist for CoreLogic. “This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.”

Follow up:

“At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner,” said Anand Nallathambi, president and CEO of CoreLogic. “While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second-half of 2012.”

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 2.7 percent in May 2012 compared to May 2011. On a month-over-month basis excluding distressed sales, the CoreLogic HPI indicates home prices increased 2.3 percent in May 2012 compared to April 2012, the fourth month-over-month increase in a row. Distressed sales include short sales and real estate owned (REO) transactions.

Comparison of Home Price Indices - Case-Shiller 3 Month Average (blue line, left axis), CoreLogic (yellow line, left axis) and National Association of Realtors (red line, right axis)

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The way to understand the dynamics of home prices is to watch the direction of the rate of change - and not necessarily whether the prices are getting better or worse. Here almost universally - home prices are either improving or becoming less bad - with the National Association of Realtors home prices currently showing the largest price gains.

Year-over-Year Price Change Home Price Indices - Case-Shiller 3 Month Average (blue bar), CoreLogic (yellow bar) and National Association of Realtors (red bar)

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Steven Hansen

For the complete report, click on the hyperlink below.

Source: CoreLogic

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