Home Price Gains Still Impressive, But 22% Below 2006 Peak

Home Price Gains Still Impressive, But 22% Below 2006 PeakHere’s the top three takeaways from CoreLogic’s update Tuesday on home prices for April.
Home prices, including distressed sales, soared by 12.1 percent in April 2013 compared to a year ago. That’s the biggest year-over-year gain since February 2006 and the 14th consecutive jump in home prices, says CoreLogic’s index.
On a month-over-month basis, home prices surged 3.2 percent in April compared to March. Since March 2005, month-over-month gains have been at or above 2 percent just five times, with all occurring in the last year.
And the third takeaway may burst the celebratory bubble from the first two takeaways. Despite double-digit gains in April, home prices nationwide remain 22.4 percent below their peak, which was set in April 2006.
Home prices, excluding distressed sales, were still 16.3 percent below their peak.
“For the second consecutive month, all 50 states registered year-over-year home price gains, excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand,” said Anand Nallathambi, president and CEO of CoreLogic.
CoreLogic projects that prices will rise an even healthier 12.5 percent year-over-year in May, including distressed sales, which include short sales and REOs (bank-owned properties).
Home Price Gains Still Impressive, But 22% Below 2006 Peak

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