CoreLogic: Home Prices Are Rising At The Fastest Pace Since May 2006
Home prices including prices of distressed sales were up 8.3 percent year-over-year in December, and were up 0.4 percent on the month, according to CoreLogic's latest home price report.
This was the biggest year-over-year increase since May 2006.
Excluding distressed sales, home prices were up 7.5 percent on the year in December, and up 0.9 percent month-over-month.
“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” said Mark Fleming, chief economist for CoreLogic in a press release.
“We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”
Here are some details from the report:
- The five states with the highest increase in home prices including distressed sales were Arizona at 20.2 percent, Nevada at 15.3 percent, Idaho at 14.6 percent, California at 12.6 percent, and Hawaii at 12.5 percent.
- Meanwhile only Delaware, Illinois, New Jersey, and Pennsylvania saw decline in home prices.
- Excluding distressed sales the Arizona, California, Nevada and Hawaii again saw the highest increase in prices, and North Dakota rounded off the top five with a 10.8 percent increase. Ex-distressed sales only Delaware, Alabama, and New Jersey saw home price declines.
- The peak to current change in home prices, including distressed homes, was -26.9 percent, and was -20.8 percent excusing distressed transactions.
- Including distressed sales January home prices are expected to rise 7.9 percent and fall 1 percent on the month.
Here's a trajectory of home prices since 2002:
SEE ALSO: Optimists Are Ignoring Two Key Points About The Housing Recovery >