Home prices nationwide, including distressed sales, increased 12.4 percent on a year-over-year basis in July 2013 compared to July 2012 – the 17th consecutive monthly year-over-year increase in home prices nationally.
On a month-over-month basis, including distressed sales, home prices increased by 1.8 percent in July 2013 compared to June 2013.
When distressed sales are backed out of the equation, home prices increased 11.4 percent year-over-year in July 2013 compared to July 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.7 percent in July 2013 compared to June 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The separate CoreLogic Pending HPI predicts that August 2013 home prices, including distressed sales, will rise by 12.3 percent year-over-year and 0.4 percent month-over-month. Excluding distressed sales, they’re poised to rise 12.2 percent year-over-year and 1.2 percent month-over-month.
“Home prices continued to surge in July,” says Dr. Mark Fleming, chief economist for CoreLogic. “Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand.”
July 2013 highlights
• The five states with the highest home price appreciation were: Nevada (+27 percent), California (+23.2 percent), Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).
• Only one state posted home price depreciation in July: Delaware (-1.3 percent).
• Excluding distressed sales from the equation, the five states with the highest home price appreciation were: Nevada (+24.2 percent), California (+20.2 percent), Arizona (+14.9 percent), Utah (+13.5 percent) and Florida (+13.5 percent).
• Excluding distressed sales, no states posted home price depreciation in July.
• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-43 percent), Florida (-37.4 percent), Arizona (-32.5 percent), Rhode Island (-29.7 percent) and Michigan (-27.7 percent).