US Home Prices Rise For The 22nd Straight Month

Home prices, including those of distressed sales, were up 11% on the year in December, according to CoreLogic’s latest home price report. This is the 22nd straight month of gains.

On a month-over-month basis, home prices were down a modest 0.1%.

Ex-distressed sales home prices were up 9.9% year-over-year in December, and up 0.2% on the month.

“Last year, home prices rose 11 per cent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks,” Dr. Mark Fleming, chief economist for CoreLogic said in a press release. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.”

Here are some details from the report:

  • The peak-to-current decline in national home prices, from April 2006 to December 2013, was 18%. Ex-distressed transactions this was down 13.6%.
  • Including distressed sales home prices were up the most in Nevada, up 23.9% and fell the most in Arkansas down 1.5%.
  • Ex-distressed sales home prices climbed the most in Nevada, up 20%. Ex-distressed sale no states saw home prices fall in December.
  • The CoreLogic Pending home price index suggests that home prices will rise 10.2% on a YoY basis in January, and tumble 0.8% on the month.

Here’s a trajectory of home prices including and excluding distressed homes since January 2002:

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