Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the USA in May 2013 are up 12.2% year-over-year (the April report said home prices were up 12.1%). This is the 15th consecutive month of year-over-year increase.
Dr. Mark Fleming, chief economist for CoreLogic stated:
It's been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains. As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.
Anand Nallathambi, president and CEO of CoreLogic stated:
Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.
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 CoreLogic 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)
For the complete report, click on the hyperlink below.