CoreLogic Reports Home Prices Rise by 12.2 Percent Year Over Year in February
--New CoreLogic HPI Forecast Indicates National Home Prices Are Expected to Rise 10.5 Percent Year Over Year in March 2014--
IRVINE, Calif., April 1, 2014 /PRNewswire/ -- CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its February CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 12.2 percent in February 2014 compared to February 2013. This change represents 24 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 0.8 percent in February 2014 compared to January 2014.*
To view the multimedia assets associated with this release, please visit: http://www.multivu.com/mnr/7128054-corelogic-february-home-price-index-report-hpi
At the state level, including distressed sales, 14 states showed double-digit year-over-year growth in February; and Colorado, Nebraska, North Dakota, Texas and the District of Columbia all reached new home price highs. Additionally, 22 states were at or within 10 percent of their price peaks.
Excluding distressed sales, home prices nationally increased 10.7 percent in February 2014 compared to February 2013 and 0.9 percent month over month compared to January 2014. Also, all 50 states and the District of Columbia showed year-over-year home price appreciation when distressed sales were excluded. Distressed sales include short sales and real estate owned (REO) transactions.
Beginning with the February 2014 HPI report, CoreLogic is introducing a new forecast metric that provides an advanced indication of trends in home prices. Individual forecasts, making up the CoreLogic HPI Forecasts,™ provide forward-looking insight among the various categories of the CoreLogic HPI. Including distressed sales, the forecast indicates that home prices are projected to increase 0.5 percent month over month from February 2014 to March 2014. Furthermore, the forecast indicates that home prices, including distressed sales, are expected to increase 10.5 percent year over year from March 2013 to March 2014. Excluding distressed sales, home prices are poised to rise 0.4 percent month over month from February 2014 to March 2014 and 9.3 percent year over year from March 2013 to March 2014. The CoreLogic HPI Forecasts are a monthly forecast built on the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices by the number of owner-occupied households for each state.
"As the spring home-buying season kicks off, house price appreciation continues to be strong," said Dr. Mark Fleming, chief economist for CoreLogic. "Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply."
"February marks two straight years of year-over-year gains in national prices across the United States," said Anand Nallathambi, president and CEO of CoreLogic. "The consistent upward movement, in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy."
Highlights as of February 2014:
- Including distressed sales, the five states with the highest home price appreciation were California (+19.8 percent), Nevada (+18.5 percent), Georgia (+14.2 percent), Oregon (+13.8 percent) and Michigan (+13.5 percent).
- Excluding distressed sales, the five states with the highest home price appreciation were California (+15.9 percent), Nevada (+14.6 percent), Florida (+13.1 percent), Washington (+11.5) percent and Hawaii (+11.5 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to February 2014) was -16.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -12.1 percent.
- Including or excluding distressed sales, no state posted home price depreciation in February 2014.
- The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-39.9 percent), Florida (-36.4 percent), Rhode Island (-30.9 percent), Arizona (-30.5 percent) and West Virginia (-26.6 percent).
- Ninety-six of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in February 2014. The four CBSAs that did not show an increase were Little Rock-North Little Rock-Conway, Ark., Milwaukee-Waukesha-West Allis, Wis., Rochester, N.Y. and Virginia Beach-Norfolk-Newport News, Va.-N.C.
*January data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
February National and State HPI (Ranked by Single Family Including Distressed)
Figure 1 - Home Price Index
Percentage Change Year Over Year
Figure 2 - YoY HPI Growth for 25 Highest-Rate States
Minimum, Maximum, Current since January 1976
CoreLogic HPI
Single-Family Combined Series Peak to Current Declines 12-Month Change by State
Methodology
The CoreLogic HPI™ incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices available covering 6,993 ZIP codes (58 percent of total U.S. population), 638 Core Based Statistical Areas (86 percent of total U.S. population) and 1,239 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
Source: CoreLogic
The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at [email protected] or Bill Campbell at [email protected]. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company's combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC, the CoreLogic logo, CoreLogic HPI, CoreLogic HPI Forecasts and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries.
[Editor's note: Beginning with this month's report, CoreLogic is providing a forecast that looks at home prices one month ahead. Local-level forecast data is not available to the news media at this time.]
To view the multimedia assets associated with this release, please visit: http://www.multivu.com/mnr/7128054-corelogic-february-home-price-index-report-hpi
SOURCE CoreLogic
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