Econintersect: CoreLogic’s Home Price Index (HPI) shows that home prices in the USA in June 2013 are up 11.9% year-over-year (the May report said home prices were up 12.2%). This is the 16th consecutive month of year-over-year increase.
Dr. Mark Fleming, chief economist for CoreLogic stated:
In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent. This trend in home price gains is moving at the fastest pace since 1977.
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Anand Nallathambi, president and CEO of CoreLogic stated:
The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July. Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.
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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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For the complete report, click on the hyperlink below.
Source: CoreLogic
