CoreLogic’s newly released data has confirmed that a price upswing is under way in the US housing market.
June 05, 2012, Santa Ana, Calif. –
––New Pending HPI Forecasts Further Increase in May Driven by Low Home Inventory Levels––
CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its April Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 1.1 percent in April 2012 compared to April 2011. This was the second consecutive year-over-year increase this year, and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012. This marks the second consecutive month-over-month increase this year.
Excluding distressed sales, prices increased 2.6 percent in April 2012 compared to March 2012, the third month-over-month increase in a row. The CoreLogic HPI also shows that year-over-year prices, excluding distressed sales, rose by 1.9 percent in April 2012 compared to April 2011. Distressed sales include short sales and real estate owned (REO) transactions.
Beginning with the April 2012 HPI report, CoreLogic is introducing a new and exclusive metric—the CoreLogic Pending HPI that provides the most current indication of trends in home prices. The Pending HPI indicates that house prices will rise by at least another 2.0 percent, from April to May. Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes in the most recent month.
“We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “Home prices are responding to a restricted supply that will likely exist for some time to come—an optimistic sign for the future of our industry.”
“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006 and appreciating at a faster rate than during the tax-credit boomlet in 2010,” said Mark Fleming, chief economist for CoreLogic. “Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 44 are showing year-over-year declines in April, 10 fewer than in March.
Full-month April 2012 national, state-level and top CBSA-level data can be found at http://www.corelogic.com/HPIApril2012.
Corelogic is now reporting the current pending home sales price data that the NAR has, but refuses to report. It’s now a matter of time before the NAR starts reporting this data. However, as I have pointed out, the listings price data accumulated at Department of Numbers (fomerly Housingtracker.net) has accurately foreshadowed price changes subsequently revealed by the severely lagging closed sales price data, and the even more severely lagged Case Shiller Indexes which use a 3 month average of the severely lagged closed sales data.
The CoreLogic data confirms the increases reported by Department of Numbers showing a 2.2% gain in April and a 2% gain as of May 21 when I last charted the data. The monthly gain slowed to 0.8% as of June 4. Department of Numbers now shows a year over year gain of 2.3%.
Click here to visit the Housing Charts Page, updated whenever new data becomes available.
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