Home Prices Stepped up Gains in July

by devteam September 1st, 2015 | Share

Home prices nationallyrnincreased year-over-year at a faster pace in July than they did in JunernCoreLogic said on Tuesday.  The company’srnHome Price Index (HPI) which includes distressed properties rose 6.9 percent</bfrom a year earlier and were up 1.7 percent month over month.  June over June prices had increased by 6.5rnpercent although the monthly increase was also 1.7 percent.   </p


Colorado was the only state with anrnannual gain in double digits.  Pricesrnthere, including distressed sales, were up 10.4 percent.  Washington followed with a 9.9 percent gainrnalong with Nevada (+9.1 percent), Hawaii (+8.9 percent) and Oregon (+8.8 percent).rnFive other states had price growth that exceeded the national average, Florida,rnNew York, South Carolina, South Dakota, and Texas.  Only two states saw prices fall -rnMassachusetts was down 2.1 percent from July 2014 and Mississippi prices dippedrn0.8 percent.</p

Fifteen states established new peaks inrntheir HPI which includes data extending back to January 1976; Alaska, Arkansas,rnColorado, Hawaii, Iowa, Kentucky, Montana, Nebraska, New York, North Carolina,rnNorth Dakota, Oklahoma, South Dakota, Tennessee and Texas. </p

“Home sales continued their briskrnrebound in July and home prices reflected that, up 6.9 percent from a yearrnago,” said Frank Nothaft, chief economist for CoreLogic. “Over thernsame period, the National Association of Realtors reported existing sales up 10rnpercent and the Census Bureau reported new home sales up 26 percent inrnJuly.”</p

On the CoreLogic index that excludesrndistressed sales annual gains also accelerated from 6.4 percent from June 2014rnto June 2015 to a 6.7 percent increase from July to July. The monthly increasernwas also slightly higher, 1.5 percent in July compared to 1.4 percent in June. </p

The difference between the two indicesrnis narrowing and top states on the index excluding distressed sales differedrnlittle from the other index; Colorado (+10.1 percent), Washington (+9.5rnpercent), Nevada (+9.1 percent), Oregon (+9.1 percent) and New York (+9rnpercent).  Only West Virginia (-0.3rnpercent) and Vermont (-0.1 percent) showed year-over-year home pricerndepreciation in July. Distressed sales include short sales and realrnestate-owned (REO) transactions.</p

Of the top 100 Core Based StatisticalrnAreas (CBSAs) measured by population, 95 showed year-over-year increases. Thernfive CBSAs that showed year-over-year declines were: Baltimore (-0.3 percent);rnBoston (-3.8 percent); New Haven-Milford (-1.9 percent); New Orleans (-4.9rnpercent) and Worcester, Massachusetts (-7.2 percent). </p

Including distressed transactions, thernpeak-to-current change in the national HPI (from April 2006 to July 2015) wasrn-6.6 percent. Excluding distressed transactions the change for the same periodrnwas -3.5 percent.</p


CoreLogic is predicting that homernprices on its index including distressed sales will increase by 0.5 percent</bfrom July to August 2015 and by 4.7 percent from this past July to the nextrnone.  Excluding distressed sales thernprojection is a 0.4 percent monthly gain and 4.6 percent for the 12 monthrnperiod.  The CoreLogic HPI Forecast is arnprojection of home prices using the CoreLogic HPI and other economic variables.rnValues are derived from state-level forecasts by weighting indices according tornthe number of owner-occupied households for each state.</p

“Low mortgage rates and strongerrnconsumer confidence are supporting a resurgence in home sales of late,”rnsaid Anand Nallathambi, president and CEO of CoreLogic. “Adding to overallrnhousing demand is the benefit of a better labor market which has providedrnmillennials the financial independence to form new households and escape everrnrising rental costs.”

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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