Nine States now at Record Home Price Levels

Half of the nation’s states and thernDistrict of Columbia are now at or within 10 percent of the peak reached beforernthe housing crisis brought home prices crashing down.  In addition, CoreLogic says that nine statesrnhave now established price levels higher than their various 2005-2007 peaks.</p

According to CoreLogic’s October HomernPrice Index (HPI) report, home prices nationwide, including distressed sales,rnwere 6.1 percent higher in October 2014 than in October 2013.  October was the 32^nd consecutivernmonth that the HPI including distressed sales increased nationally.  The index was up month-over-month by 0.5rnpercent in October.  The national HPIrnincluding distressed sales is now 12.4 percent below the peak it established inrnApril 2006.</p

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Whilernall states saw higher home values in October than a year earlier 27 of them andrnthe nation’s capital are nearing full recovery relative to their previous highsrnand nine have exceeded those data points. rnThey are Colorado, Louisiana, Nebraska, NewrnYork, North Dakota, South Dakota, Tennessee, Texas and Wyoming.  </p

Including distressed sales, the fivernstates with the highest year-over-year home price appreciation in October were:rnMichigan (+10.5 percent), South Dakota (+10.4 percent), Montana (+9.1 percent),rnTexas (+8.7 percent) and Colorado (+8.6 percent).</p

Excluding distressed sales, homernprices nationally increased 5.6 percent in October 2014 compared to Octoberrn2013 and 0.6 compared to September 2014. Using this index the District ofrnColumbia and every state but Mississippi where the index declined by 1.2rnpercent, had year-over-year price gains. The national index excludingrndistressed sales is 8.9 percent below its peak.  Distressed sales include short sales and realrnestate owned (REO) transactions.rn</p

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Excluding distressed sales, the fivernstates with the highest home price appreciation were: South Dakota (+10.4rnpercent), Massachusetts (+9.7 percent), Maine (+8.4 percent), Texas (+8.1rnpercent) and Michigan (+8.0 percent).  </p

“Home price growth isrnmoderating as we head into the late fall and is currently running at half thernpace it was in the spring of 2014,” said Sam Khater, deputy chiefrneconomist at CoreLogic. “However, there are still pockets of strength, especiallyrnin several Texas markets, as well as Seattle, Denver and other markets withrnstrong economic fundamentals.</p

“CoreLogic forecasts that homernprices including distressed sales will increase 0.2 percent from October tornNovember of this year and will rise by 5.1 percent from October 2014 to Octoberrn2015. Excluding distressed sales the monthly increase is also projected at 0.2rnpercent and the company forecasts a 4.7 percent increase from October 2014 tornOctober 2015. The CoreLogic HPI Forecast is a monthly projection of home pricesrnusing the CoreLogic HPI and other economic variables. Values are derived fromrnstate-level forecasts by weighting indices according to the number ofrnowner-occupied households for each state.</p

“The gradual recovery of thernhousing market continues to be propelled by improving employment, more buyerrnand seller confidence, continued low rates and, in certain parts of therncountry, investor demand. The continued actual and projected rise in homernprices confirms that fact,” said Anand Nallathambi, president and CEO ofrnCoreLogic. “Based on our projections, home prices in over half the countryrnwill have reached or surpassed levels last seen at the height of the housingrnbubble sometime in mid-2015.”</p

Ninety-four of the top 100 CorernBased Statistical Areas (CBSAs) measured by population showed year-over-yearrnincreases in October 2014. The six CBSAs that showed year-over-year declinesrnwere Hartford-West Hartford-East Hartford, Connecticut; Worcester, Massachusetts.-Connecticut.;rnGreensboro-High Point, North Carolina.; Rochester, New York.; Camden, New Jersey;rnand Winston-Salem, North Carolina.

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