Market Watch
CoreLogic HPI rises by 10.2 percent, largest increase in nearly seven years
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Market Watch
Monday, April 8, 2013
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CoreLogic released its February CoreLogic HPI report. Home prices nationwide, including distressed sales, increased 10.2 percent on a year-over-year basis in February 2013 compared to February 2012. This change represents the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.5 percent in February 2013 compared to January 2013*.
Excluding distressed sales, home prices increased on a year-over-year basis by 10.1 percent in February 2013 compared to February 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.5 percent in February 2013 compared to January 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicated that March 2013 home prices, including distressed sales, are also expected to rise by 10.2 percent on a year-over-year basis from March 2012 and rise by 1.2 percent on a month-over-month basis from February 2013. Excluding distressed sales, March 2013 home prices are poised to rise 11.4 percent year over year from March 2012 and by 2 percent month over month from February 2013. 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 rebound in prices is heavily driven by western states. Eight of the top 10 highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list,” said Mark Fleming, chief economist for CoreLogic.
“Home prices continued their march upward in February. Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”
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