The CoreLogic Pending HPI indicates that August 2013 home prices, including distressed sales, are expected to rise by 12.3 percent on a year-over-year basis from August 2012 and rise by 0.4 percent on a month-over-month basis from July 2013. Excluding distressed sales, August 2013 home prices are poised to rise 12.2 percent year over year from August 2012 and by 1.2 percent month over month from July 2013. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.
“Home prices continued to surge in July,” says Dr. Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
“Home prices continue to climb across the nation in July with markets hit hardest during the downturn leading the way,” says Anand Nallathambi, president and CEO of CoreLogic. “Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006.”
Highlights as of July 2013:
• Including distressed sales, the five states with the highest home price appreciation were: Nevada (+27 percent), California (+23.2 percent), Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).
• Including distressed sales, this month only one state posted home price depreciation: Delaware (-1.3 percent).