CoreLogic: Home Prices Are Rising At The Fastest Pace Since May 2006

Home prices including prices of distressed sales were up 8.3 per cent year-over-year in December, and were up 0.4 per cent on the month, according to CoreLogic’s latest home price report. 

This was the biggest year-over-year increase since May 2006.

Excluding distressed sales, home prices were up 7.5 per cent on the year in December, and up 0.9 per cent month-over-month. 

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” said Mark Fleming, chief economist for CoreLogic in a press release.

“We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”

Here are some details from the report:

  • The five states with the highest increase in home prices including distressed sales were Arizona at 20.2 per cent, Nevada at 15.3 per cent, Idaho at 14.6 per cent, California at 12.6 per cent, and Hawaii at 12.5 per cent. 
  • Meanwhile only Delaware, Illinois, New Jersey, and Pennsylvania saw decline in home prices.
  • Excluding distressed sales the Arizona, California, Nevada and Hawaii again saw the highest increase in prices, and North Dakota rounded off the top five with a 10.8 per cent increase. Ex-distressed sales only Delaware, Alabama, and New Jersey saw home price declines.
  • The peak to current change in home prices, including distressed homes, was -26.9 per cent, and was -20.8 per cent excusing distressed transactions.
  • Including distressed sales January home prices are expected to rise 7.9 per cent and fall 1 per cent on the month.

Here’s a trajectory of home prices since 2002:

corelogic HPI chart

Photo: Corelogic

 

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