Home prices have increased on a year on year basis, data shows
Home prices in the United States, including distressed sales, increased on a year on year basis by 2.5% in June 2012 compared to the previous year, the latest data from analysts CoreLogic shows.
On a month on month basis, including distressed sales, home prices increased by 1.3% in June 2012 compared to May 2012, the fourth consecutive increase in home prices nationally on both a yearly and monthly basis.
Excluding distressed sales, home prices nationwide increased on a year on year basis by 3.2% in June 2012 compared to June 2011 and on a monthly basis by 2%, the fifth consecutive monthly increase. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that July home prices, including distressed sales, will rise by at least 0.4% on a monthly basis from June 2012 and by 2% on a yearly basis from July 2011.
Excluding distressed sales, July house prices are also poised to rise by 1.4% on a monthly basis and by 4.3% on a yearly basis.
The CoreLogic Pending HPI is a new 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 in the most recent month.
‘Home prices are responding positively to reductions in both visible and shadow inventory over the past year. This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation,’ said Mark Fleming, chief economist for CoreLogic.
At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner, according to Anand Nallathambi, president and chief executive officer of CoreLogic.
‘While first half gains have given way to second half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012,’ he explained.
Including distressed sales, the five states with the highest appreciation were Arizona up 13.8%, Idaho up 10.4%, South Dakota up 10.1%, Utah up 8.3% and Wyoming up 7.7%.
Including distressed sales, the five states with the greatest depreciation were: Alabama down 4.8%, Connecticut down 4%, Illinois down 3.4%, Georgia down 2.9%, and Delaware down 2.8%.
Excluding distressed sales, the five states with the highest appreciation were: South Dakota up 10.2%, Utah up 9.1%, Montana up 8.7%, Arizona up 8.7% and Wyoming up 6.9%.
Excluding distressed sales, the five states with the greatest depreciation were: Delaware down 3.6%, Alabama down 3.1%, Connecticut down 2.1%, New Jersey down 0.9% and Kentucky down 0.4%.