April 1, 2014
/PRNewswire/ -- CoreLogic
(NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its February CoreLogic Home Price Index (HPI
) report. Home prices nationwide, including distressed sales, increased 12.2 percent in
. This change represents 24 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 0.8 percent in
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At the state level, including distressed sales, 14 states showed double-digit year-over-year growth in February; and
District of Columbia
all reached new home price highs. Additionally, 22 states were at or within 10 percent of their price peaks.
Excluding distressed sales, home prices nationally increased 10.7 percent in
and 0.9 percent month over month compared to
. Also, all 50 states and the
District of Columbia
showed year-over-year home price appreciation when distressed sales were excluded. Distressed sales include short sales and real estate owned (REO) transactions.
Beginning with the
HPI report, CoreLogic is introducing a new forecast metric that provides an advanced indication of trends in home prices.
Individual forecasts, making up the CoreLogic HPI Forecast
provide forward-looking insight among the various categories of the CoreLogic HPI. Including distressed sales, the forecast
indicates that home prices are projected to increase 0.5 percent month over month from
. Furthermore, the forecast indicates that home prices, including distressed sales, are expected to increase 10.5 percent year over year from
. Excluding distressed sales, home prices are poised to rise 0.4 percent month over month from
and 9.3 percent year over year from
. The CoreLogic HPI Forecasts are a monthly forecast built on the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices by the number of owner-occupied households for each state.
"As the spring home-buying season kicks off, house price appreciation continues to be strong," said Dr.
, chief economist for CoreLogic. "Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply."
straight years of year-over-year gains in national prices across
the United States
, president and CEO of CoreLogic. "The consistent upward movement, in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy."
Highlights as of February 2014:
- Including distressed sales, the five states with the highest home price appreciation were California (+19.8 percent), Nevada (+18.5 percent), Georgia (+14.2 percent), Oregon (+13.8 percent) and Michigan (+13.5 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were California (+15.9 percent), Nevada (+14.6 percent), Florida (+13.1 percent), Washington (+11.5) percent and Hawaii (+11.5 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2014) was -16.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.1 percent.
- Including or excluding distressed sales, no state posted home price depreciation in February 2014.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-39.9 percent), Florida (-36.4 percent), Rhode Island (-30.9 percent), Arizona (-30.5 percent) and West Virginia (-26.6 percent).
- Ninety-six of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in February 2014. The four CBSAs that did not show an increase were Little Rock- North Little Rock- Conway, Ark., Milwaukee- Waukesha- West Allis, Wis., Rochester, N.Y. and Virginia Beach- Norfolk- Newport News, Va.-N.C.
*January 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.