Econintersect: CoreLogic’s Home Price Index (HPI) shows that home prices in the U.S. increased in March 2012 0.6% month-over-month following last month’s 0.8% decline. This is the first month-over-month increase since July 2011.
However, prices declined 0.6% year-over-year. CoreLogic stated:
“This spring the housing market is responding to an improving balance between real estate supply and demand which is causing stabilization in house prices,” said Mark Fleming, chief economist for CoreLogic. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”
“While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S. markets.”
According to CoreLogic’s data, if distressed home sales are excluded – prices increased by 0.9% month-over-month. (third month in a row of increase).
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