January 2014 CoreLogic Home Prices Up 12.0% Year-over-Year, Rate of Growth Improved

March 4th, 2014
in econ_news, syndication

Econintersect: CoreLogic's Home Price Index (HPI) shows that home prices in the USA in January 2014 are up 12.0% year-over-year (reported up 0.9% month-over-month). The year-over-year growth rate was up from the 11.0% reported last month.

Follow up:

This is the 23rd consecutive month of year-over-year increase. Dr. Mark Fleming, chief economist for CoreLogic stated:

Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January. 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.

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Anand Nallathambi, president and CEO of CoreLogic stated:

Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January. Nationwide price growth like this should continue as the market comes out of hibernation for the spring buying season.

/images/z corelogic3.PNG


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)

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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. Home prices are improving - but the rate growth of year-over-year price improvement is now flat (not accelerating or decelerating).

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

Source: CoreLogic















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