Sept. 4, 2012 – Home prices nationwide, including distressed sales, increased on a year-over-year basis by 3.8 percent in July 2012 compared to July 2011, according to CoreLogic’s monthly Home Price Index (HPI) for July. It was the biggest year-over-year increase since August 2006.
On a month-over-month basis, including distressed sales, home prices increased by 1.3 percent in July 2012 compared to June 2012. The July 2012 figures mark the fifth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.
When distressed home sales are backed out of the statistics, home prices nationwide increased on a year-over-year basis by 4.3 percent. On a month-over-month basis excluding distressed sales, home prices increased 1.7 percent. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI measures homes under contract but not yet sold. CoreLogic says that it predicts August home prices, including distressed sales, will rise by 4.6 percent on a year-over-year basis and at least 0.6 percent on a month-over-month basis. Excluding distressed sales, August house prices are also poised to rise 6.0 percent year-over-year and 1.3 percent month-over-month.
“The housing market continues its positive trajectory with significant price gains in July, and our expectation of a further increase in August,” says Mark Fleming, chief economist for CoreLogic. “While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”
“Although we expect some slowing in price gains over the balance of 2012, we are clearly seeing the light at the end of a very long tunnel,” adds Anand Nallathambi, president and CEO of CoreLogic.
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