CoreLogic’s July Home Price Index (HPI) finds that home prices in the U.S. increased for the fourth consecutive month, inching up 0.8 percent on a month-over-month basis. On a year-over-year basis, however, national home prices, including distressed sales, declined by 5.2 percent in July 2011 compared to July 2010.
Excluding distressed sales, year-over-year prices declined by 0.6 percent in July 2011 compared to July 2010, and by 1.9 percent in June 2011 compared to June 2010. Distressed sales include short sales and real estate owned (REO) transactions.
“While July’s numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer,” says Mark Fleming, chief economist for CoreLogic. “At that point, the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices.”
July 2011 Home Price Index highlights
• Including distressed sales, the five states with the highest appreciation were: West Virginia (+14.0 %), New York (+3.3 %), Wyoming (+3.2 %), Mississippi (+2.4 %), and the District of Columbia (+2.3 %).
• Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.2 %), Arizona (-11.9 %), Illinois (-10.0 %) Minnesota (-8.6 %), and Idaho (-7.8 %).
• Excluding distressed sales, the five states with the highest appreciation were: West Virginia (+16.8 %), South Carolina (+5.5 %), New York (+4.1 %), Wyoming (+3.8 %), and North Dakota (+3.6 %).
• Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-9.6 %), Arizona (-8.1 %), Delaware (-6.5 %), Minnesota (-5.7 %), and Michigan (-4.7 %).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to July 2011) was -30.5 %. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.7 %.
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 86 are showing year-over-year declines in July, two fewer than in June.
CoreLogic offers the full report in exchange for contact information. For more information or to read the full report, visit CoreLogic’s website. (Link underlined to: http://www.corelogic.com/About-Us/ResearchTrends/Home-Price-Index.aspx)
The CoreLogic HPI uses more than 30 years’ worth of repeat sales data, representing more than 65 million observations sourced from CoreLogic property information and its securities and servicing databases