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CoreLogic: July Home Prices Rise by 12.4 Percent Year Over Year
This represents the 17th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 1.8 percent in July 2013 compared to June 2013*, according to the Irvine, CA-based residential property information, analytics and services provider.
"Home prices continued to surge in July," said Mark Fleming, chief economist for CoreLogic. "Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand."
"Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way," said Anand Nallathambi, president and CEO of CoreLogic. "Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006."
Excluding distressed sales, home prices increased on a year-over-year basis by 11.4 percent in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.7 percent in July 2013 compared to June 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that August 2013 home prices, including distressed sales, are expected to rise by 12.3 percent on a year-over-year basis from August 2012 and rise by 0.4 percent on a month-over-month basis from July 2013. Excluding distressed sales, August 2013 home prices are poised to rise 12.2 percent year over year from August 2012 and by 1.2 percent month over month from July 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.
In Huntington-Ashland, home prices, including distressed sales, increased by 4.9 percent in July 2013 compared to July 2012. On a month-over-month basis, home prices, including distressed sales, decreased by 1.3 percent in July 2013 compared to June 2013.
Excluding distressed sales, year-over-year prices increased by 8.7 percent in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices decreased by 1.3 percent in July 2013 compared to June 2013.
Highlights as of July 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+27 percent), California (+23.2 percent), Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).
- Including distressed sales, this month only one state posted home price depreciation: Delaware (-1.3 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+24.2 percent), California (+20.2 percent), Arizona (+14.9 percent), Utah (+13.5 percent) and Florida (+13.5 percent).
- Excluding distressed sales, no states posted home price depreciation in July.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2013) was -17.6 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.9 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-43 percent), Florida (-37.4 percent), Arizona (-32.5 percent), Rhode Island (-29.7 percent) and Michigan (-27.7 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 99 were showing year-over-year increases in July, equaling the measure in June 2013.
*June 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.
July National and State HPI (Ranked by Single-Family Including Distressed):
|State||July 2013 12-Month HPI|
|Change by State|
|Single-Family Including Distressed||Single-Family Excluding Distressed|
|District of Columbia||9.5%||9.2%|