November, 2012
CoreLogic, one of the leading providers of information, analytics and business services, recently released its September Home Price Index report, which showed home prices increased on a year-over-year basis nationwide.
The home price increases included distressed sales, which climbed by 5 percent in September 2012 compared to the same time last year, representing the largest home price increase since July 2006. The figures also marked the seventh consecutive increase in home prices experienced nationally on a year-over-year basis.
“Home price improvement nationally continues to outpace our expectations, growing 5 percent year-over-year in September, the best showing since July 2006,” said Mark Fleming, chief economist for CoreLogic. “While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases. Gains are particularly large in former housing bubble states and energy-industry concentrated states.”
Even when distressed sales aren't included, home prices increased nationwide by 5 percent in September 2012 compared to the same time last year. Excluding distressed sales, home prices increased by 0.5 percent in September 2012 compared to the previous month.
Housing prices are expected to increase by 6.3 percent year-over-year in October this year compared to October 2011 while there is expected to be a 0.2 percent month-over-month increase from September 2012.
“Home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand,” said Anand Nallathambi, president and CEO of CoreLogic. “So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market.”
The CoreLogic Pending HPI showed that October 2012 home prices, which included distressed sales, are expected to increase by 5.7 percent on a year-over-year basis. The CoreLogic Pending HPI is a proprietary and exclusive metric that gives the most up-to-date indication of trends in home prices.
Asking prices increase in October
According to Trulia, asking prices also increased by 2.9 percent year-over-year in October, which might encourage more first-time home buyers to pursue purchasing in the housing market to take advantage of the low prices.
According to Trulia, asking prices also increased by 2.9 percent year-over-year in October, which might encourage more first-time home buyers to pursue purchasing in the housing market to take advantage of the low prices.
When Trulia excluded foreclosures, asking prices increased by 3.6 percent over the past year, showing the housing market is making its way toward a recovery.
Tagged As: First Time Home Buyers
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