CoreLogic reports that home prices are on the rise across the U.S. as the country enters the unofficial five-year anniversary of the start of the housing crisis. Average home prices, including distressed sales, are up 12% on the year ending in September. CoreLogic analysts say that homes in nearly half the country are closing in on values seen prior to the housing market meltdown. Price increases are slowing, however, and experts say this is a good thing that will help the market maintain healthy growth without creating bubbles. For more on this continue reading the following article from Property Wire.
Home prices across the United States, including distressed sales, increased 12% on a year on year basis in September 2013 compared to September 2012, the latest index from CoreLogic shows.
This change represents the 19th consecutive monthly year on year increase in home prices nationally. On a month on month basis, including distressed sales, home prices increased by 0.2% in September 2013 compared with the previous month.
Excluding distressed sales, home prices increased on a year on year basis by 10.8% in September 2013 compared to September 2012. On a month on month basis, excluding distressed sales, home prices increased 0.3%.
The CoreLogic Pending HPI indicates that October 2013 home prices, including distressed sales, are expected to rise by 12.5% on a year on year basis from October 2012 and rise by 0.1% month on month.
Excluding distressed sales, October 2013 home prices are poised to rise 11.2% year on year from October 2012 and by 0.1% month on month from September 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.
‘September marked the unofficial five year anniversary of the start of the housing crisis. The five year home price appreciation for all homes in the nation was 3.4%. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008,’ said Mark Fleming, chief economist for CoreLogic.
According to Anand Nallathambi, president and chief executive officer of CoreLogic, US home prices continued their ascent in September. ‘Average home prices in nearly half the states are now within striking distance of their pre downturn pricing peaks,’ he pointed out.
‘We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer term,’ he added.
Including distressed sales, the five states with the highest home price appreciation were Nevada with growth of 25.3%, California up 22.5%, Arizona up 14.6%, Georgia up 14.4% and Michigan up 13.9%.
Including distressed sales, no states posted home price depreciation in the month of September.
Excluding distressed sales, the five states with the highest home price appreciation were Nevada with growth of 22.4%, California up 18.9%, Utah up 13.2%, Arizona up 12.6% and Florida up 12.6%.
Excluding distressed sales, no states posted home price depreciation in the month of September.
This article was republished with permission from Property Wire.