House Prices Swing Up to Close 2009, Still Down from 2008
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.