On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012 compared to March – the second consecutive month-over-month increase this year.
When distressed sales are backed out of the numbers, prices increased 2.6 percent in month-to-month for the third time in a row. Year-over-year prices, excluding distressed sales, rose by 1.9 percent. Distressed sales include short sales and real estate owned (REO) transactions.
CoreLogic also introduced a new metric – the CoreLogic Pending HPI. The Pending HPI indicates that house prices will rise by at least another 2 percent, from April to May. Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes in the most recent month.
“We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing,” says Anand Nallathambi, president and chief executive officer of CoreLogic. “Home prices are responding to a restricted supply that will likely exist for some time to come – an optimistic sign for the future of our industry.”
“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006 and appreciating at a faster rate than during the tax-credit boomlet in 2010,” said Mark Fleming, chief economist for CoreLogic. “Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”
Highlights in April 2012
• Including distressed sales, the five states with the highest appreciation were: Arizona (+8.8 percent), District of Columbia (6.4 percent), Florida (+5.5 percent), Montana (+5.4 percent), and Utah (+5.4 percent).
• Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
• Excluding distressed sales, the five states with the highest appreciation were: Utah (+5.3 percent), Idaho (+5.1 percent), Mississippi (+4.7 percent), Louisiana (+4.6 percent) and Arizona (+4.6 percent).
• Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-10.1 percent), Rhode Island (-6.2 percent), Alabama (-4.4 percent), Vermont (-2.8 percent) and Connecticut (-2.3 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2012) was -31.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -23.3 percent.
• The five states with the largest peak-to-current declines including distressed transactions are Nevada (-58.9 percent), Florida (-46.5 percent), Arizona (-46.5 percent), Michigan (-43.6 percent) and California (-41.0 percent).
• Of the top 100 Core Based Statistical Areas measured by population, 44 are showing year-over-year declines in April – 10 fewer than in March.
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