CoreLogic Home Price Index March 2013 Report

6 03 2013

Signs of Recovery

Another positive report nationally for sales prices from the CoreLogic Home Price Index Report released today. All states but Delaware and Illinois posted positive appreciation for the year. The top states were Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent) including distressed sales. The top states excluding distressed sales were Nevada (+17.5 percent), Arizona (+16.5 percent), California (+14.5 percent), Hawaii (+13.9 percent) and Idaho (+13.2 percent).

Oregon posted a 9.1% appreciation including distressed sales and an 8.5% appreciation excluding distressed sales between January 2012-January 2013.

Nationally Including Distressed Sales
Up 9.7% in Price from previous year– January 2012
Up 0.7% in price from previous month– December 2012

Nationally Excluding Distressed Sales
Up 9.0% in Price from previous year– January 2012
Up 1.8% in price from previous month– December 2012

National Prediction Including Distressed sales for February
Up 9.7% in Price from previous year—February 2012
Up 0.3% in price from previous month—January 2013 (Seasonal slow-down)

National Prediction Excluding Distressed sales for February
Up 11.3% in Price from previous year—February 2012
Up 1.8% in Price from previous month—January 2013

The CoreLogic Home Price Index tracks 30 years of repeat sales transactions for the same homes over time for both distressed and non-distressed properties. The data reflects the results of the month prior and further. This is different than the National Association of Realtors Report who is one month back but tracks all home sales as well as pending statistics. And, the Case-Schiller Report reports data 2 months back and beyond of all homes sales. CoreLogic believes this unique system of tracking is slightly more accurate as to home price appreciation and depreciation.

As a comparison, the Case-Shiller Report for December 2012 data posted a 6.8% appreciation for the previous 12 months in their 20-City Composite (as close to National as they get). Portland posted a 6.5% appreciation for the same period. The NAR Report for the nation in January posted a 12.3% appreciation for the year. And, finally, our own Portland Metro RMLS Report posted a 15.5% average sales price and 19.5% median sales price appreciation for January 2012-January 2013. RMLS reported a -0.9% drop in the average sales price month-to-month from December 2012 and a 0% change in the median sales price.

So, what does it all mean? Active recovery… It appears the housing market is the patient on the list for being discharged from the hospital in the future. The spinach can is close enough for home prices to suck through our pipe. It isn’t hard for many of us brokers with boots on the ground in Portland to even have a more optimistic opinion of that statement as well.

Aye, me spinach!

January 2013 Home Price Index Report

 

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