CoreLogic Reports House Prices Up in Metro Region
IRVINE, Calif. -- Nationwide, housing prices, including distressed sales, rose 8.3% in December compared to a year earlier. The numbers are better in Youngstown-Warren-Boardman, where house prices increased 9.5%, reports CoreLogic, a financial data and analytics company.
Distressed sales consist of short sales and real estate owned transactions.
Month-over-month, house prices, including distressed sales, fell 0.1% in December compared to November in the local region, according to CoreLogic’s newly released report. Excluding distressed sales, year-over-year prices increased 6.3% in December compared to December 2011. Excluding distressed sales, the CoreLogic HPI indicates home prices rose 0.5% in December compared to November.
Nationwide, all but four states are experiencing year-over-year price gains, the survey found.
Excluding distressed sales, home prices in the region increased 7.5% year-over-year in December compared to December 2011. Month-over-month, excluding distressed sales, home prices increased 0.9% in December compared to the previous 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. "We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation."
Highlights as of December 2012:
- Including distressed sales, the five states with the highest home price appreciation are Arizona (+20.2%), Nevada (+15.3%), Idaho (+14.6%), California (+12.6%) and Hawaii (+12.5 %).
- Including distressed sales, only four states posted lower home price depreciation: Delaware (-3.4%), Illinois (-2.7%), New Jersey (-0.9%) and Pennsylvania (-0.5%).
- Excluding distressed sales, the five states with the highest home price appreciation are Arizona (+16.4%), Nevada (+14.7%), California (+12.8%), Hawaii (+11.7%) and North Dakota (+10.8%).
- Excluding distressed sales, only three states posted lower home prices: Delaware (-1.9%), Alabama (-1%) and New Jersey (-0.5%).
- The five states with the largest peak-to-current declines, including distressed transactions, are Nevada (-52.4%), Florida (-43.5%), Arizona (-39.8%), Michigan (-36.5%) and California (-35.4%).
- Of the top 100 Core Based Statistical Areas measured by population, only 16 showed year-over-year declines in December, two fewer than November.
Published by The Business Journal, Youngstown, Ohio.
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