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.
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.
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)
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)
For the complete report, click on the hyperlink below.
Leave a Reply