April 1st, 2014 9:17 AM by Jackie A. Graves, President
Home prices continue to
increase by double digit percentages on a year-over-year basis CoreLogic said
today. The company's Home Price Index (HPI) for February, an index that
includes distressed sales, was up 12.2 percent compared to February 2013.
Thus February becomes the 24thconsecutive
month in which there have been annual price increases. Home prices
nationwide, including distressed sales, increased by 0.8 percent in February
compared to the previous month.
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). There were no states
with negative annual appreciation.
On its index which excludes distressed sales, national home prices
were up 10.7 percent compared to February 2013 and 0.9 percent from
January. All 50
states and the District of
Columbia showed annual increases with the greatest appreciation in California
(+15.9 percent), Nevada (+14.6 percent), Florida (+13.1 percent), Washington
(+11.5 percent and Hawaii (+11.5 percent). An additional nine states had
double digit annual appreciation 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.
From the price
peak in April 2006 to
February the change in the national HPI was -16.9 percent including distressed
sales and 12.1 percent excluding them. The five states with the largest
remaining 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 exceptions 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.
"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."
CoreLogic said today's report introduces a new forecast metric
that provides advanced indication of home price trends. The current
forecast is that home
prices are projected to increase 0.5 percent month over month from February 2014 to
March 2014 and that home prices, including distressed sales, are expected to
rise 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.
"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."