CoreLogic: Home prices jump 12% in September
HPI at highest level since May 2008
Home prices jumped 12% on a year-over-year basis in September 2013 compared to a year prior, posting the 19th consecutive monthly year-over-year gain in home prices nationally, according to CoreLogic’s latest Home Price Index report.
On a month-over-month basis, including distressed sales, home prices increased by 0.2% in September compared to August.
However, excluding distressed sales, home prices grew 10.8% on a year-over-year basis in September from this time last year. While on a month-over-month basis, home prices, excluding distressed, inched up 0.3% in September compared to August
“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Dr. Mark Fleming, chief economist for CoreLogic. “The five-year home price appreciation for all homes in the nation was 3.4%. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008.”
Looking ahead, the Pending HPI estimates that October 2013 home prices, including distressed sales, will continue to grow and rise 12.5% from October 2012.
Furthermore, including distressed sale, the top five states with the highest home prices appreciation were Nevada, California, Arizona, Georgia and Michigan at 25.3%, 22.5%, 14.6%, 14.4% and 13.9%, respectively. Including distressed sales, no states posted home price depreciation in September.
“U.S. home prices continued their ascent in September. Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” said Anand Nallathambi, president and CEO of CoreLogic.
“We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer-term,” Nallathambi said.