CoreLogic: Home Prices Show Third Consecutive Monthly Increase
Home prices were up for the thirdrnconsecutive month in May as measured by CoreLogic’s Home Price Indexrn(HPI.) The three months of increases werernnoted for both annual and month-over-month numbers.</p
The HPI increased by 1.8 percentrncompared to April figures and was 2.0 percent higher in May 2012 than in Mayrn2011. Those numbers are for all homernsales including those of distressed homes, both short sales and real estaternowned (REO) transactions.</p
When distressed sales are removed fromrnthe calculation home prices were up year-over-year by 2.7 percent and were 2.3rnpercent higher in May than in April. rnThis is the fourth consecutive month-over-month increase.</p
CoreLogic’s forward-looking Pending HPI</bwhich is based on Multiple Listing Service data measuring price changes in thernmost recent month indicates that house prices, including distressed sales, willrnrise by at least 1.4 percent from May to June and by 2.0 percent if distressedrnsales are not included. </p
“The recent upward trend inrnU.S. home prices is an encouraging signal that we may be seeing a bottoming ofrnthe housing down cycle,” said Anand Nallathambi, president and chiefrnexecutive officer of CoreLogic. “Tighter inventory is contributing tornbroad, but modest, price gains nationwide and more significant gains in thernharder-hit markets, like Phoenix.” </p
“Home price appreciation in thernlower-priced segment of the market is rebounding more quickly than in the upperrnend,” said Mark Fleming, chief economist for CoreLogic. “Home pricesrnbelow 75 percent of the national median increased 5.7 percent from a year ago,rncompared to only a 1.8 percent increase for prices 125 percent or more of thernmedian.”</p
Since home prices peaked in Aprilrn2006 the national HPI including all sales has fallen 30.1 percent and non-distressedrnsale prices are down 22.2 percent.</p
The highest price appreciationrnincluding distressed sales was seen in Arizona (12.0 percent), Idaho (9.2rnpercent) and South Dakota (8.7 percent). rnWhen distressed sales are excluded the greatest appreciation was notedrnin Montana (9.1 percent), South Dakota (8.5 percent), and Arizona (7.3rnpercent).</p
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