Oct. 1, 2013
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading residential property information, analytics and services provider, today released its August CoreLogic Home Price Index (HPI
) report. Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in
. This change represents the 18
consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.9 percent in
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Excluding distressed sales, home prices increased on a year-over-year basis by 11.2 percent in
. On a month-over-month basis, excluding distressed sales, home prices increased 1 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 12.7 percent on a year-over-year basis from
and rise by 0.2 percent on a month-over-month basis from
. Excluding distressed sales,
home prices are poised to rise 12.2 percent year over year from
and by 0.7 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.
"Home price gains were negligible month over month in August—an expected decrease in the pace of appreciation as housing enters the off-season," said Dr.
, chief economist for CoreLogic. "While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year's late summer trend."
"After a strong run, the rate of home price appreciation slowed in August. In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown," said
, president and CEO of CoreLogic. "We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets."
Highlights as of August 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+25.9 percent), California (+23.1 percent), Arizona (+16.4 percent), Wyoming (+15 percent) and Georgia (+14.8 percent).
- Including distressed sales, no states posted home price depreciation in the month of August.
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.4 percent), California (+19.8 percent), Arizona (+14 percent), Utah (+13.7 percent) and Florida (+13.5 percent).
- Excluding distressed sales, no states posted home price depreciation in the month of August.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to August 2013) was -17.1 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.6 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-41.9 percent), Florida (-37.2 percent), Arizona (-32 percent), Rhode Island (-29.1 percent) and Michigan (-25.7 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in August, equaling the measure in July 2013, the one CBSA that did not experience a gain was Akron, OH (-0.3 percent).
*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.