March 5, 2013
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January CoreLogic HPI
report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in
. This change represents the biggest increase since
and the 11
consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.7 percent in
*. The HPI analysis shows that all but two states,
, are experiencing year-over-year price gains.
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Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in
. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in
. 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 9.7 percent on a year-over-year basis from
and fall by 0.3 percent on a month-over-month basis from
, reflecting a seasonal winter slowdown. Excluding distressed sales,
home prices are poised to rise 11.3 percent year over year from
and by 1.8 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 for the most recent month.
"The HPI showed strong growth during the typically slow winter season," said
, chief economist for CoreLogic. "With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but
showing increasing HPI and 15 states within 10 percent of their peak values."
"Home prices continued to gather steam across a broad swath of the country in January, continuing the positive trend we saw during most of 2012," said
, president and CEO of CoreLogic. "Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013."
Highlights as of January 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).
- Including distressed sales, this month only two states posted home price depreciation: Illinois (-0.4 percent) and Delaware (-0.1 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+17.5 percent), Arizona (+16.5 percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2 percent).
- Excluding distressed sales, no states posted home price depreciation in January.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to January 2013) was -26.4 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, were Nevada (-51.6 percent), Florida (-43.0 percent), Arizona (-38.9 percent), Michigan (-37.4 percent) and Rhode Island (-35.5 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 92 are showing year-over-year increases in January, up from 87 in December.
*December 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.