March 4, 2014
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading residential property information, analytics and services provider, today released its January CoreLogic Home Price Index (HPI
) report. Home prices nationwide, including distressed sales, increased 12 percent in
. This change represents 23 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 0.9 percent in
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At the state level, including distressed sales,
surpassed their previous home price peaks in
. In all, 22 states and the
District of Columbia
are at or within 10 percent of their peak home price appreciation. Additionally, over the past year, seven states equaled or grew faster than the nation as a whole, including
Excluding distressed sales, home prices nationally increased 9.8 percent in
and 0.7 percent month over month compared to December 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that
home prices, including distressed sales, are projected to increase 12.5 percent year over year from
. On a month-over-month basis, home prices are expected to increase 0.7 percent from
. Excluding distressed sales,
home prices are poised to rise 10.4 percent year over year from
and 1.1 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 measures price changes for the most recent month.
"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Dr.
, chief economist for CoreLogic. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."
"Home prices continued to march higher in January and we expect to see more increases as the market comes out of hibernation for the spring buying season," said
, president and CEO of CoreLogic. "Excluding distressed sales, all 50 states and the
District of Columbia
showed year-over-year home price appreciation for January."
Highlights as of January 2014:
- Including distressed sales, the five states with the highest home price appreciation were Nevada (+22.2 percent), California (+20.3 percent), Oregon (+14.3 percent), Michigan (+13.7 percent) and Georgia (+13.4 percent).
- Including distressed sales, only Mississippi (-0.3 percent) posted home price depreciation in January 2014.
- Excluding distressed sales, the five states with the highest home price appreciation were Nevada (+17.2 percent), California (+16.0 percent), Florida (+12.7 percent), Arizona (+11.5 percent) and Oregon (+11.4 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 2014) was -17.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -13.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-40.1 percent), Florida (-36.4 percent), Arizona (-30.8 percent), Rhode Island (-30.5 percent) and West Virginia (-28.9 percent).
- Ninety-seven of the top 100 Core Based Statistical Areas** (CBSAs) measured by population showed year-over-year increases in January 2014. The three CBSAs that did not show an increase were New Haven- Milford, CT, Philadelphia, PA. and Rochester, NY.
*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.