June Home Price Index rises 2.5%

8 08 2012

CoreLogic released its June Home Price Index (HPI) report today.

According to the HPI, home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.5 percent in June 2012 compared to June 2011. On a month-over-month basis, home prices increased by 1.3 percent in June 2012 compared to May 2012.

It’s the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.

CoreLogic also backs distressed sales – short sales and real estate owned (REO) transactions – out of the data. If excluding distressed sales from the analysis, home prices nationwide increased on a year-over-year basis by 3.2 percent in June 2012 compared to June 2011. On a month-over-month basis excluding distressed sales, home prices increased 2.0 percent in June 2012 compared to May 2012 – the fifth consecutive month-over-month increase.

Forecast

The CoreLogic Pending HPI indicates that in its next release covering July, home prices will rise by at least 0.4 percent on a month-over-month basis from June 2012 and by 2.0 percent on a year-over-year basis from July 2011.

When excluding distressed sales, July house prices are poised to rise by 1.4 percent month-over-month from June 2012 and by 4.3 percent year-over-year from July 2011. The CoreLogic Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes in the most recent month.

“Home prices are responding positively to reductions in both visible and shadow inventory over the past year,” says Mark Fleming, chief economist for CoreLogic.

“At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner,” adds Anand Nallathambi, president and CEO of CoreLogic. “While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second-half of 2012.”

June 2012 highlights

• Including distressed sales, the five states with the highest appreciation were: Arizona (+13.8 percent), Idaho (10.4 percent), South Dakota (+10.1 percent), Utah (+8.3 percent) and Wyoming (+7.7 percent).

• Including distressed sales, the five states with the greatest depreciation were: Alabama (-4.8 percent), Connecticut (-4.0 percent), Illinois (-3.4 percent), Georgia (-2.9 percent) and Delaware (-2.8 percent).

• Excluding distressed sales, the five states with the highest appreciation were: South Dakota (+10.2 percent), Utah (+9.1 percent), Montana (+8.7 percent), Arizona (+8.7 percent) and Wyoming (+6.9 percent).

• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-3.6 percent), Alabama (-3.1 percent), Connecticut (-2.1 percent), New Jersey (-0.9 percent) and Kentucky (-0.4 percent).

• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2012) was -28.8 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -21.3 percent.

• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-57.1 percent), Florida (-45.3 percent), Arizona (-44.1 percent), California (-39.2 percent) and Michigan (-39.0 percent).

• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 27 are showing year-over-year declines in June, five fewer than in May.

Source: Florida Realtors

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