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posted on 31 January 2016

Low-End Home Prices Are The Fastest Appreciating Segment

from CoreLogic

-- this post authored by Molly Boesel

National home prices increased by 6.3 percent year over year and by 0.5 percent month over month in November 2015, according to the latest CoreLogic Home Price Index (HPI) Report. While the HPI has increased on a year-over-year basis every month since March 2012, prices are still 7.3 percent below the April 2006 peak.

Colorado showed the largest HPI gain with a 10.4 percent year-over-year increase, followed closely by Washington (+10.2 percent) and Oregon (+9 percent). Colorado has been the fastest appreciating state for ten months straight, and in the last two years has appreciated by 19.8 percent, the largest two-year appreciation of any state. Three states showed year-over-year depreciation: Mississippi (-3 percent), Louisiana (-1.6 percent), and New Mexico (-0.7 percent). Nevada home prices were the farthest below their all-time HPI high, still 30.1 percent lower than the state's March 2006 peak.

In addition to the overall indices, CoreLogic analyzes four individual home-price tiers that are calculated relative to the median national home price[1]. Figure 2 shows the levels of the four price tiers indexed to January 2006, shortly before each of the tiers hit its peak index value.

The low-price tier has shown the most growth in recent months, increasing 8.2 percent year over year in November 2015 and 8.4 percent in 2015 alone. This price tier also recovered 48.8 percent from its lowest point in March 2009 and is the only price tier to pass its pre-housing-crisis peak. Although the low-to-middle tier has recovered 43.3 percent from its lowest point in March 2011, and has grown by 7.2 percent year over year, it is still the farthest from its peak of all the price tiers, down 8.9 percent. The middle-to-moderate price tier increased 5.6 percent year over year in November 2015, but remains 8.2 percent below its peak. The high-price tier, which fell the least during the housing crisis, increased 5.4 percent year over year in November 2015 and remains 5.5 percent below its peak.

[1] The four price tiers are as follows: homes priced at 75 percent or less of the median (low price), homes priced between 75 and 100 percent of the median (low-to-middle price), homes priced between 100 and 125 percent of the median (middle-to-moderate price) and homes priced greater than 125 percent of the median (high price).

© 2016 CoreLogic, Inc. All rights reserved

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