CoreLogic: Home price appreciation strongest since 2006
January report says home prices up 12%
CoreLogic’s Home Price Index shows that home prices nationwide, including distressed sales, increased 12% in January 2014 compared to January 2013.
This marks 23 months of consecutive year-over-year increases in home prices nationally.
Louisiana, Nebraska, and Texas led in absolute, bottom-line home prices.
This data contrasts with recent reports from Standard & Poor's Case-Shiller, which suggest that home price appreciation is softening in the first quarter of 2014.
"Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation for January," said Anand Nallathambi, president and CEO of CoreLogic. "Nationwide price growth like this should continue as the market comes out of hibernation for the spring buying season."
On a month-over-month basis, home prices nationwide, including distressed sales, increased by 0.9% in January 2014 compared to December 2013.
"Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January," said Dr. Mark Fleming, chief economist for CoreLogic. "The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006."
In all, 22 states and the District of Columbia are at or within 10% of their peak home price appreciation -- that is, the rate of appreciation, not the dollar amount.
Seven states equaled or grew faster than the nation as a whole, including Nevada, California, Oregon, Michigan, Georgia, Arizona and Florida.
Excluding distressed sales, home prices nationally increased 9.8% in January 2014 compared to January 2013 and 0.7% month-over-month compared to December 2013. Distressed sales include short sales and REO transactions.
The CoreLogic report indicates that February 2014 home prices, including distressed sales, are projected to increase 12.5% year over year from February 2013. On a month-over-month basis, home prices are expected to increase 0.7% from January 2014 to February 2014.
February 2014 home prices are poised to rise 10.4% year over year from February 2013 and 1.1% month over month from January 2014.
CoreLogic’s report is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service data that measures price changes for the most recent month.