MLS data from
CoreLogic shows July trend continuing into August
BY INMAN NEWS, TUESDAY, SEPTEMBER 4, 2012.
A home price index based on multiple
listing service data showed national home prices were up 3.8 percent from a
year ago in July, the biggest annual increase since August 2006.
Home prices were down from a year ago
in 23 of the 100 largest markets tracked by data aggregator CoreLogic's home
price index, but that's four fewer than in June.
And while the index showed national
home prices are still off 27.2 percent from their April 2006 peak, CoreLogic's
pending home price index predicts home prices will post month-over-month
appreciation of 1.3 percent in August, as they did in July. An increase like
that in August would amount to 6 percent year-over-year growth.
The pace of price appreciation is
moderating as markets transition to the off-season for homebuying, CoreLogic
noted. But CoreLogic Chief Economist Mark Fleming predicted prices will post
gains for the full year.
The five states with the highest annual
price appreciation were Arizona (16.6
percent), Idaho (10 percent), Utah (9.3 percent), South Dakota
(8.3 percent) and Colorado
(7.3 percent).
Home prices in Arizona were still 42.8 percent below their
2006 peak. Only Nevada (-56 percent) and Florida (-44.2 percent)
have fallen further. Other states with the largest peak-to-current price drops
included California (-38 percent) and Michigan (-37.4
percent).
"It's been six years since the
housing market last experienced the gains that we saw in July, with indications
the summer will finish up on a strong note," said Anand Nallathambi,
president and CEO of CoreLogic, in a statement. "Although we expect some
slowing in price gains over the balance of 2012, we are clearly seeing the
light at the end of a very long tunnel."
Single-family annual price gains, July
2012
Market
|
Year-over-year change, including distressed
|
Year-over-year change, excluding distressed
|
|
19.9%
|
14.9%
|
Houston-Sugar Land-Baytown,
|
5.4%
|
5.9%
|
Washington-Arlington-Alexandria,
D.C.-Va.-Md.-W.Va.
|
4.4%
|
4.5%
|
|
3.8%
|
7.2%
|
New York-White Plains-
|
3.4%
|
3.1%
|
Los Angeles-Long Beach-
|
2.6%
|
4.8%
|
Riverside-San Bernardino-
|
2.5%
|
4.3%
|
|
1.8%
|
2.6%
|
Atlanta-Sandy Springs-Marietta,
|
-0.3%
|
3.6%
|
|
-1.5%
|
1.9%
|
Source: CoreLogic
The latest S&P/Case-Shiller Home
Price Indices, which include data through June, show national
home prices up 1.2 percent from a year ago during the second quarter. All of
the markets in the S&P/Case-Shiller 20-city composite posted annual gains
for the second month in a row, and all but two -- Charlotte and Dallas --
posted better annual returns in June compared to May.
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