Report shows U.S. home prices rose in April; predicts 2 percent increase in next month

dennis-norman-st-louis-realtor-Home prices in May expected to increase as well

CoreLogic released its April Home Price Index (HPI) report showing home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April 2011. This is the second consecutive month with year-over-year increases, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year.

If we take out distressed sales, home prices increased 2.6 percent in April 2012 from the month before, marking the third month-over-month increase in a row. The report also showed that year-over-year prices (excluding distressed sales) rose by 1.9 percent in April 2012 from a year ago.

New in this month’s report was CoreLogics pending HPI which provides the most current indication of trends in home prices by looking at Multiple Listing Service (MLS) data that measure price changes in the most recent month.. This new index indicates home prices will rise by at least another 2.0 percent, from April to May.

“We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing,” said 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.”

Report Highlights:

  • 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 (CBSAs) measured by population, 44 are showing year-over-year declines in April, 10 fewer than in March.

Table 1: April HPI for the Country’s Largest CBSAs by Population (Ranked by Single Family Including Distressed)

Table 2: April State and National Ranking Based on HPI Including Distressed

Figure 1: Figure 1 – Home Price Index, Percentage Change Year-Over-Year

Map 1: Single-Family Combined Series, 12-Month Change by State

Map 2: Single-Family Combined Excluding Distressed Series, 12-Month Change by State

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