CoreLogic Report Shows Home Prices Rise by 12.2 Percent Year Over Year in May
July 02, 2013, Irvine, Calif. –
––Analysis Indicates Projected Growth of 13.2 Percent Year Over Year in June––
CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, today released its May CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 12.2 percent on a year-over-year basis in May 2013 compared to May 2012. This change represents the biggest year-over-year increase since February 2006 and the 15th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 2.6 percent in May 2013 compared to April 2013*.
Excluding distressed sales, home prices increased on a year-over-year basis by 11.6 percent in May 2013 compared to May 2012. On a month-over-month basis, excluding distressed sales, home prices increased 2.3 percent in May 2013 compared to April 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that June 2013 home prices, including distressed sales, are expected to rise by 13.2 percent on a year-over-year basis from June 2012 and rise by 2.9 percent on a month-over-month basis from May 2013. Excluding distressed sales, June 2013 home prices are poised to rise 12 percent year over year from June 2012 and by 2 percent month over month from May 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.
“It’s been more than seven years since the housing market last experienced the increases that we saw in May, with indications that the summer months will continue to see significant gains,” said Dr. Mark Fleming, chief economist for CoreLogic. “As we approach the half-way point of 2013, home prices continue to respond positively to the reductions in home inventory thus far.”
“Home price appreciation, particularly in much of the western half of the U.S., is increasing at a torrid pace,” said Anand Nallathambi, president and CEO of CoreLogic. “Across the country, pent-up demand and continued low interest rates are fueling strong demand for a limited inventory of properties. We expect that trend to continue to drive up prices throughout the balance of the summer months.”
Highlights as of May 2013:
- Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26 percent), California (+20.2 percent), Arizona (+16.9 percent),
Hawaii (+16.1 percent) and Oregon (+15.5 percent).
- Including distressed sales, this month only two states posted home price depreciation: Delaware (-0.6 percent) and Alabama (-0.1 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23 percent), California (+18.5 percent), Arizona (+14.7 percent),
Idaho (+13.2 percent) and Oregon (+13.2 percent).
- Excluding distressed sales, no states posted home price depreciation in May.
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to May 2013) was -20.4 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -14.9 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-45.6 percent), Florida (-39.2 percent), Arizona (-34.8 percent), Michigan (-33.3 percent) and Rhode Island (-31.3 percent).
- Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 97 were showing year-over-year increases in May, up from 94 in April 2013.
*April 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 May 2013 national data can be found at the Home Price Index Report page.
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 6,892 ZIP codes (58 percent of total U.S. population), 639 Core Based Statistical Areas (86 percent of total U.S. population) and 1,220 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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