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CoreLogic® April Home Price Index Shows Year-Over-Year Increase of Just Over One Percent
—New Pending HPI Forecasts Further Increase in May Driven by Low Home Inventory Levels— Home Prices in Salem Decrease.
(SANTA ANA, CA) - 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."
Home Prices in Salem Decrease
In Salem, home prices, including distressed sales, declined by 6.7 percent in April 2012 compared to April 2011 and declined by 8.2 percent* in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices declined by 4.6 percent in April 2012 compared to April 2011 and declined by 5.7 percent* in March 2012 compared to March 2011.
Highlights as of April 2012
- Including distressed sales, the five states with the highest appreciation were: Arizona (+8.8 percent), District of Columbia (6.4 percent), Florida (+5.5 percent), Montana (+5.4 percent), and Utah (+5.4 percent).
- Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
- Excluding distressed sales, the five states with the highest appreciation were: Utah (+5.3 percent), Idaho (+5.1 percent), Mississippi (+4.7 percent), Louisiana (+4.6 percent) and Arizona (+4.6 percent).
- Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-10.1 percent), Rhode Island (-6.2 percent), Alabama (-4.4 percent), Vermont (-2.8 percent) and Connecticut (-2.3 percent).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2012) was -31.7 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -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 (CBSAs) measured by population, 44 are showing year-over-year declines in April, 10 fewer than in March.
*March data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.
April HPI for the Country's Largest CBSAs by Population (Ranked by Single Family Including Distressed):
|CBSA ||April 2012 12-Month HPI|
Change by CBSA
|Single-Family Including Distressed ||Single-Family Excluding Distressed|
|Atlanta-Sandy Springs-Marietta, GA||-5.3%||1.9%|
|Riverside-San Bernardino-Ontario, CA||-1.4%||0.3%|
|Los Angeles-Long Beach-Glendale, CA||-0.5%||1.2%|
|New York-White Plains-Wayne, NY-NJ||1.3%||1.7%|
|Houston-Sugar Land-Baytown, TX||2.0%||3.6%|
April State and National Ranking Based on HPI Including Distressed:
|State ||April 2012 12-Month HPI |
Change by State
|Single-Family Including Distressed ||Single-Family Combined Excluding Distressed|
|District of Columbia||6.4%||4.1%|
The CoreLogic HPI incorporates more than 30 years' worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices available covering 6,700 ZIP codes (58 percent of total U.S. population), 619 Core Based Statistical Areas (86 percent of total U.S. population) and 1,166 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has approximately 5,000 employees globally. For more information visit www.corelogic.com.
The data provided is for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or web site. For questions, analysis or interpretation of the data, contact Lori Guyton at email@example.com or Bill Campbell at firstname.lastname@example.org. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.
CORELOGIC, the stylized CoreLogic logo and HPI are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.
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