Dec. 3, 2013
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading residential property information, analytics and services provider, today released its October CoreLogic Home Price Index (HPI
) report. On a month-over-month basis, including distressed sales, home prices increased by only 0.2 percent in
*. Year over year, home prices nationwide, including distressed sales, increased 12.5 percent in
. This change represents the 20
consecutive monthly year-over-year increase in home prices nationally.
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Excluding distressed sales, home prices increased 0.4 percent month over month in
. On a year-over-year basis, excluding distressed sales, home prices increased by 11 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 remain at the same level month over month as
, with a projected increase of 12.2 percent on a year-over-year basis from
. Excluding distressed sales,
home prices are poised to rise just 0.4 percent month over month from
and 11.3 percent year over year 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.
"In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter," said Dr.
, chief economist for CoreLogic. "Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slowdown in price appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks."
"In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013," said
, president and CEO of CoreLogic. "The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates."
Highlights as of October 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+25.9 percent), California (+22.4 percent), Georgia (+14.2 percent), Michigan (+14.1 percent) and Arizona (+14 percent).
- Including distressed sales, the only state to show depreciation was New Mexico (-0.5 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+22.5 percent), California (+18.5 percent), Utah (+13.3 percent), Florida (+13 percent) and New York (+12.4 percent).
- Excluding distressed sales, no states posted home price depreciation in October.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2013) was -17.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.1 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-40.7 percent), Florida (-37.4 percent), Arizona (-31.5 percent), Rhode Island (-29.3 percent) and West Virginia (-28 percent).
- 96 of the top 100 Core Based Statistical Areas (CBSAs)** measured by population showed year-over-year increases in October 2013.
*September 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.