Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the U.S. increased in February 2013 10.2% year-over-year (increased 0.5% month-over-month). This is the 12th consecutive month of year-over-year increase.
Dr. Mark Fleming, chief economist for CoreLogic stated:
The rebound in prices is heavily driven by western states. Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list.
Anand Nallathambi, president and CEO of CoreLogic stated:
Home prices continued their march upward in February. Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals. Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.
Excluding distressed sales, home prices increased on a year-over-year basis by 10.1 percent in February 2013 compared to February 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.5 percent in February 2013 compared to January 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that March 2013 home prices, including distressed sales, are also expected to rise by 10.2 percent on a year-over-year basis from March 2012 and rise by 1.2 percent on a month-over-month basis from February 2013. Excluding distressed sales, March 2013 home prices are poised to rise 11.4 percent year over year from March 2012 and by 2.0 percent month over month from February 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.
Comparison of Home Price Indices - Case-Shiller 3 Month Average (blue line, left axis), CoreLogic (green line, left axis) and National Association of Realtors (red line, right axis)
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. Home prices are improving - 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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