Home Prices Jump in January — CoreLogic
Home prices rose 9.7% in January, compared with the same month a year ago. That was the largest monthly increase since April 2006, according to research firm CoreLogic (NYSE: CLGX). The firm had previously forecast a rise of 7.9%. The data includes sales of distressed properties.
Month-over-month, January prices rose 0.7%, including distressed home sales. Excluding distressed sales, January prices rose 1.8% compared with December, and the year-over-year price also rose by 9%.
CoreLogic expects February housing prices to rise 9.7% year-over-year and to drop by 0.3% month-over-month as the seasonal slowdown in home sales heads into its fifth month. Excluding distressed sales, the year-over-year increase for February is forecast at 11.3% and the month-over-month estimate improves to a rise of 1.8%.
The company's chief economist noted:
The HPI [home price index] showed strong growth during the typically slow winter season. With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.
Including distressed sales, home prices rose the most in Arizona (prices up 20.1%), Nevada (17.4%), Idaho (14.9%), California (14.1%) and Hawaii (14.0%). Excluding distressed sales the biggest gains were posted in Nevada (17.5%), Arizona (16.5%), California (14.5%), Hawaii (13.9%) and Idaho (13.2%).
The CoreLogic press release is available here.
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