CoreLogic Home Price Index Rises by 10.2 Percent Year Over Year in February: The Biggest Increase in Nearly Seven Years
April 03, 2013, Irvine, Calif. –
––Pending HPI Projects Continued Double-Digit Growth in March––
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today 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 indicates 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 2.0 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 ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list,” said Dr. 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 CEO of CoreLogic. “Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”
Highlights as of February 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+19.3 percent), Arizona (+18.6 percent), California (+15.3 percent), Hawaii (+14.6 percent) and Idaho (+13.5 percent).
- Including distressed sales, this month only three states posted home price depreciation: Delaware (-4.4 percent), Alabama (-1.5 percent) and Illinois (-1.0 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+18.3 percent), Arizona (+16.4 percent), Hawaii (+15.5 percent), California (+15.3 percent) and Idaho (+15.3 percent).
- Excluding distressed sales, only one state, Delaware (-1.9 percent) posted home price depreciation in February.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2013) was -26.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-50.8 percent), Florida (-43.3 percent), Michigan (-39.0 percent), Arizona (-38.5 percent) and Rhode Island (-36.4 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 96 were showing year-over-year increases in February, up from 94 in January.
*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.
Full-month February 2013 national data can be found at http://www.corelogic.com/HPIFebruary2013.
The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices available covering 6,840 ZIP codes (58 percent of total U.S. population), 627 Core Based Statistical Areas (86 percent of total U.S. population) and 1,200 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
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CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The Company’s combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
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