Home Prices Up 10.2% in Biggest Jump Since March 2006

Home Prices Up 10.2% in Biggest Jump Since March 2006Home prices nationwide rose 10.2 percent on a year-over-year basis in February 2013, the biggest year-ago increase since March 2006 and the 12th consecutive monthly jump, according to CoreLogic’s new update.
That figure includes distressed sales, mostly short sales and real estate owned (REO) transactions.
On a month-over-month basis, home prices edged up 0.5 percent in February 2013 compared to January 2013.
The rebound in prices is heavily driven by western states. Eight of the top ten highest appreciating large markets are in California, followed by the Phoenix and Las Vegas areas, said Dr. Mark Fleming, chief economist for CoreLogic.
“Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” said Anand Nallathambi, president and CEO of CoreLogic. “Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”
Excluding distressed sales, home prices still managed an increase on a year-over-year basis of 10.1 percent in February 2013 compared to February 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.5 percent in February 2013 compared to January 2013.
CoreLogic projects that March 2013 home prices, including distressed sales, will also rise by 10.2 percent on a year-over-year basis.
Here are CoreLogic’s highlights as of February 2013:

  • Including distressed sales, the five states with the highest home price appreciation were: Nevada (+19.3 percent), Arizona (+18.6 percent), California (+15.3 percent), Hawaii (+14.6 percent) and Idaho (+13.5 percent).
  • Including distressed sales, this month only three states posted home price depreciations: Delaware (-4.4 percent), Alabama (-1.5 percent) and Illinois (-1.0 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+18.3 percent), Arizona (+16.4 percent), Hawaii (+15.5 percent), California (+15.3 percent) and Idaho (+15.3 percent).
  • Excluding distressed sales, only one state, Delaware (-1.9 percent) posted home price depreciation in February.
  • Including distressed transactions, the peak-to-current change in the national HPI (Home Price Index) (from April 2006 to February 2013) was -26.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -19.3 percent.
  • The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-50.8 percent), Florida (-43.3 percent), Michigan (-39.0 percent), Arizona (-38.5 percent) and Rhode Island (-36.4 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 96 were showing year-over-year increases in February, up from 94 in January.

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