, Oct. 2, 2012 /PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading provider of information, analytics and business services, today released its August Home Price Index (HPI
) report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 4.6 percent in
. This change represents the biggest year-over-year increase since
. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in
figures mark the sixth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis. The HPI analysis from CoreLogic shows that all but six states are experiencing price gains.
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Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 4.9 percent in
. On a month-over-month basis excluding distressed sales, home prices increased 1 percent in
, also the sixth consecutive month-over-month increase. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that
home prices, including distressed sales, are expected to rise by 5 percent on a year-over-year basis from
and fall by 0.3 percent on a month-over-month basis from
as the summer buying season closes out. Excluding distressed sales,
house prices are poised to rise 6.3 percent year-over-year from
and by 0.6 percent month-over-month from
. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes in the most recent month.
"Again this month prices rose on a year-over-year basis and our expectation is for that to continue in September based on our pending HPI forecast," said
, chief economist for CoreLogic. "The housing markets gains are increasingly geographically diverse with only six states continuing to show declining prices."
"Sustained economic recovery in the U.S. requires a healthy housing market. You cannot have a healthy housing market without price stabilization and ultimately home price appreciation," said
, president and CEO of CoreLogic. "Improving pricing trends over the past few months and our forecast for continued gains in September bode well for a progressive rebound in the residential housing market."
Highlights as of August 2012:
- Including distressed sales, the five states with the highest home price appreciation were: Arizona (+18.2 percent), Idaho (+10.4 percent), Nevada (+9.0 percent), Utah (+8.9 percent) and Hawaii (+8.0 percent).
- Including distressed sales, the five states with the greatest home price depreciation were: Rhode Island (-2.6 percent), Illinois (-2.3 percent), New Jersey (-1.4 percent), Alabama (-0.7 percent) and Connecticut (-0.5 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+13.0 percent), Utah (+10.0 percent), Montana (+8.8 percent), Idaho (+8.6 percent) and North Dakota (+7.7 percent).
- Excluding distressed sales, this month only three states posted home price depreciation: Rhode Island (-1.7 percent), New Jersey (-1.4 percent), Alabama (-0.2 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2012) was -26.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.9 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, are Nevada (-54.7 percent), Florida (-44.3 percent), Arizona (-42.0 percent), California (-37.7 percent) and Michigan (-36.5 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 20 are showing year-over-year declines in August, six fewer than in July.
*July data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.