Its April Home Price Index also shows that on a month on month basis, home prices, including distressed sales, increased by 2.2% in April 2012, the second consecutive monthly increase this year.
Excluding distressed sales, prices increased 2.6% in April 2012 compared to March 2012, the third month on month increase in a row and year on year, excluding distressed sales, prices rose by 1.9% compared to April 2011. Distressed sales include short sales and real estate owned (REO) transactions.
The data and analytics company has now introduced a new pending index provides the most current indication of trends in home prices. It shows that house prices will rise by at least another 2% from April to May.
‘We see the consistent month on month increases within our HPI and Pending HPI as one sign that the housing market is stabilising. 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,’ said Anand Nallathambi, president and chief executive officer of CoreLogic.
It means that 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.
‘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 home owners in negative equity,’ said Mark Fleming, chief economist for CoreLogic.
Including distressed sales, the five states with the highest appreciation were Arizona up 8.8%, District of Columbia up 6.4%, Florida up 5.5%, Montana up 5.4% and Utah up 5.4%.
Including distressed sales, the five states with the greatest depreciation were Delaware down 11.9%, Illinois down 6.8%, Alabama down 6.6%, Rhode Island down 6.2% and Georgia down 5.6%.
Excluding distressed sales, the five states with the highest appreciation were Utah down 5.3%, Idaho down 5.1%, Mississippi down 4.7%, Louisiana down 4.6% and Arizona down 4.6%.
Excluding distressed sales, the five states with the greatest depreciation were Delaware down 10.1%, Rhode Island down 6.2%, Alabama down 4.4%, Vermont down 2.8% and Connecticut down 2.3%.
