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Home Prices Climb 12% in September as Index Hits Five-Year High

Five years since the onset of the housing crisis, national home values continue to show considerable gains as prices were up 12% annually in September, according to the latest home price data from CoreLogic.

The annual increase in September 2013 compared to 2012 marks the 19th consecutive monthly year-over-year increase in home prices, as recorded by CoreLogic’s Home Price Index (HPI). 

On a monthly basis, home prices increased modestly in September when compared to August, having risen 0.3% month-to-month.

September is unique because it marks the unofficial anniversary of the beginning of the housing crisis, according to CoreLogic Chief Economist Dr. Mark Fleming. 

“September marked the unofficial five-year anniversary of the start of the housing crisis,” said Fleming. “The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008.”

Five years removed from 2008, all of the top 100 Core Based Statistical Areas measured by population showed year-over-year increases in September 2013.

The five states with the highest home price appreciation, including distressed sales, included Nevada (25.3%), California (22.5%), Arizona (14.6%), Georgia (14.4%) and Michigan (13.9%), respectively.

Also of note in the latest HPI report from CoreLogic is that no states posted home price declines in the month of 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 appreciation over the past few months from the rapid pace experienced over the first half of this year.”

This deceleration is natural, Nallathambi added, and should keep the market fundamentals in balance over the long-term.

Looking forward, CoreLogic forecasts that October 2013 home prices, including distressed sales, will rise 12.5% on a year-over-year basis compared to October 2012. Additionally, home prices are expected to rise by 0.1% month-over-month from September, according to the CoreLogic Pending HPI. 

Written by Jason Oliva

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