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U.S. Home Prices for the Last Three Months

The May Home Price Index report released by CoreLogic on home prices across the nation indicates that prices increased by 2.0% on a year after year basis in May 2012, this compared with a similar period in May 2011. The data released included distressed sales across the nation. On a month after month basis, prices for homes including distressed sales increased by 1.8% in May 2012 from April 2012. The figures for the Month of May marked the third time that home prices across the nation went up.

A look at the report excluding distressed sales, indicates home prices across the nation on a year over year basis increased by 2.7% in May 2012 compared to May the previous year. Distressed sales include real estate transactions and short sales. A month after month basis without considering distressed sales the report shows home prices increased by 2.3% from April to May 2012.  Projections in the CoreLogic Pending HPI for the month of June 2012 indicate a rise by at least 1.4%, including distressed sales.

Working without distressed sales the report projects house prices will increase by 2.0% in the same period. The CoreLogic Pending HPI is a new system of measuring changes in the market that was introduced in the HPI report in April 2012. This metric system provides current trend indications in home prices. The metric is based on Multiple Listing Service (MLS) data. This data measures price changes on homes in the most recent month. According to president and chief executive officer of CoreLogic, “the upward trend is encouraging, and it could signal an improvement in the market which is sustainable.”

The appreciation of home prices in the lower priced segment has been faster than in the upper end. This is an observation made by CoreLogic’s chief economist, Mark Fleming. 29 out of the top 100 measured using the population showed declines in may on a year over year basis. These were 12 fewer than in the month of April. The figures from the report indicate that Arizona, Montana, South Dakota, Idaho, and Michigan are states with the highest appreciation.

Arizona tops the list with an appreciation of 12.0% while in position five is Michigan with an appreciation of 7.9%. While the ones which experienced a depreciation were Rhode Island, Alabama, Illinois, Delaware, and Georgia. The general outlook for the market is good, this impressive trend is expected to continue.

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