National housing prices had mixed results in two monthly surveys. While December saw price increases compared to November in one home price index (HPI), year-over-year prices were down in a second HPI.
Radar Logic’s monthly Residential Property Index (RPX), a composite HPI of 25 major US markets, increased 0.2% from November 17 to December 17. It’s the first November to December increase the index has experienced since 2004. Prices increased 1.5% from October to November.
While transaction counts were up 44% year-over-year, they declined 11% from November to December, Radar Logic said, the first month-over-month declined since January 2009. In the 25-market composite, distressed, or “motivated,” sales increased from 22% of total sales to 24% of total sales from November to December, Radar Logic added.
In a second HPI conducted by First American CoreLogic, year-over-year prices declined 3.7% in December. That’s better than the November year-over-year decline of 5.3%. November's decline was originally set at 5.7%, but was later revised. The First American CoreLogic HPI is a measure of repeat-sales in 519 core based statistical areas (CBSA) markets. First American said excluding distressed sales, the decline in national prices was 3.3%.
First American projects in December 2010, prices will increase 2.7% year-over-year, and excluding distressed sales, will increase 3.5%.
From the housing market’s peak in April 2006 to the trough decline in March 2009, First American said national home prices declined 31.8%, revised from its previous estimates of a 34.2% decline.
Nevada had the biggest decline year-over-year at 20.8%, followed by declines in Arizona (12.6%), Idaho (11.4%), Florida (11.3%) and Michigan (10.8%)
Excluding distressed sales, First American CoreLogic said Nevada’s still had the greatest year-over-year decline at 18.8%, followed by Arizona (11.8%), Florida (10.3%), Michigan (10%) and Maine (9.1%).
Write to Austin Kilgore.
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