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CoreLogic Case-Shiller Home Price Indexes Confirm 11.3 % Increase in Q4 2013
The CoreLogic Case-Shiller Indexes estimate that home prices increased by 11.3 percent in the fourth quarter of 2013 compared to the same time a year ago. Home prices nationwide were 20 percent above the trough reached in the fourth quarter of 2011, but remained 21 percent below the peak reached in the first quarter of 2006. The analysis projects that price appreciation is expected to slow across all U.S. markets to 5.3 percent nationally through the end of 2014, slightly above its long-term annual average of 4.5 percent recorded since 1975.
"Limited construction of new homes and low inventories of existing homes for sale contributed to the jump in prices," said Dr. David Stiff, principal economist for CoreLogic Case-Shiller. "Developers remain cautious about building too many new houses until they see stronger demand in their markets."
The largest metropolitan areas, defined as those with populations greater than 950,000, that experienced the most rapid appreciation rates on a year-over-year basis compared to fourth quarter 2012 were Las Vegas (+26 percent), Riverside, Calif. (+24 percent) and Oakland, Calif. (+23 percent). The three largest metropolitan areas that experienced no change were Oklahoma City, and Tulsa, Okla. and Virginia Beach, Va.
"There are a number of metropolitan areas that have reached new price peaks, including Houston, Dallas, Denver, Honolulu and Pittsburgh," Dr. Stiff said. "These cities have never achieved price levels quite this high, not even in the record year of 2006."
Of the largest metropolitan areas, those with the greatest projected year-over-year gains through the end of 2014 are Tucson, Ariz. (+11 percent), Rochester, N.Y. (+9 percent) and Hartford, Conn. (+9 percent). The largest metropolitan areas with the smallest projected gains are Nashville, Tenn. (+2 percent), Sacramento, Calif. (+2 percent) and Warren, Mich. (+2 percent).
"For the remainder of 2014, investor demand and sales of foreclosed properties should drop off quickly. Traditional buyers are returning slowly to the market, but cannot replace demand from investors who led the market in recent years," Dr. Stiff said.
The CoreLogic Case-Shiller Indexes are owned and generated by CoreLogic. The historical home price trend information in this report is calculated from the proprietary CoreLogic Case-Shiller Indexes, supplemented with data from the Federal Housing Finance Agency (FHFA). One-year forecasts in this release are for the 12 months ending on Dec. 31, 2014. CoreLogic Case-Shiller home price forecasts are produced by CoreLogic and Moody's Analytics®.
*This quarterly analysis differs from the S&P/Dow Jones Case-Shiller monthly report. Although both reflect findings from the same dataset, this analysis includes local-level data for a greater number of markets over a different time frame. Additionally, this analysis differs from the monthly CoreLogic Home Price Index (HPI®) report which provides the most current indication of trends in home prices on a monthly basis.
Selected U.S. markets (other metropolitan areas available upon request):
© 2014 CoreLogic Case-Shiller