Home values reached a milestone in April, according to the latest CoreLogic Home Price Index (HPI), rising 1.1 percent year-over-year.
The increase was the second consecutive yearly gain for the HPI and the first time consecutive increases have occurred since June 2010. Monthly increases were even more positive, rising 2.2 percent from March to April and representing the second straight monthly increase.
- When excluding distressed sales, prices were up 2.6 percent from March to April and 1.9 percent from April 2011.
- With it’s latest report, CoreLogic released a new Pending HPI, which is based on MLS data; it predicts prices will rise another 2.0 percent from April to May.
- Including distressed transactions, the HPI is down 31.7 percent from 2006. Excluding distressed transactions, the decline is 23.3 percent.
- The five states with the largest peak-to-current declines, including distressed transactions, are Nevada (-58.9 percent), Florida (-46.5 percent), Arizona (-46.5 percent), Michigan (-43.6 percent) and California (-41.0 percent).
- Of the top 100 core-based statistical areas, 44 are showing year-over-year declines in April, 10 fewer than in March.
“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 CEO 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.”