Econintersect: CoreLogic’s Home Price Index (HPI) shows that home prices in the U.S. increased in April 2012 1.1% year-over-year following last month’s upwardly revised 0.2% increase. This is the second month of year-over-year increase since July 2011. The National Association of Realtors 3 month rolling average also ticked up in April.
“We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Home prices are responding to a restricted supply that will likely exist for some time to come—an optimistic sign for the future of our industry.”
“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006 and appreciating at a faster rate than during the tax-credit boomlet in 2010,” said Mark Fleming, chief economist for CoreLogic. “Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”
According to CoreLogic’s data, if distressed home sales are excluded – prices increased by 1.9% year-over-year.
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