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US House Prices Seen to have Grown Strongly in 2012

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US House Prices Seen to have Grown Strongly in 2012

By - Thursday 17 January 2013

CoreLogic believes US house prices grew by 7.9% year over year in December despite the usual winter seasonal winter slowdown according to the firm. Taking distressed sales out of the equation the firm is predicting a 8.4% rise year over year for December and 0.7% over the month.

The CoreLogic Pending HPI also revealed data for November when prices nationwide (including distressed sales) rose by 7.4% year on year, the biggest growth since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis. Over the month prices grew 0.3% according to the report. It also shows that prices are now rising annually in all but six states.

Strangely, the November data showed that price growth was actually slower when distressed sales are excluded, with prices nationwide up 6.7% year on year. On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

"Housing was one of the past year's biggest surprises. Even without significant gains in income, housing mounted an impressive recovery in 2012," said CoreLogic Chief Economist Mark Fleming. "While the economy is strengthening, there is more to be done. For example, concerns remain around structural unemployment and the falling labour force participation rate."

Other highlights of the report include:

Including distressed sales, the five states with the highest home price appreciation were:

  • Arizona (+20.9 percent)
  • Nevada (+14.2 percent)
  • Idaho (+13.8 percent)
  • North Dakota (+11.3 percent)
  • California (+11.1 percent)

Including distressed sales, the five states with the lowest home price depreciation were:

  • Delaware (-4.9 percent)
  • Illinois (-2.2 percent)
  • Connecticut (-0.5 percent)
  • New Jersey (-0.5 percent)
  • Rhode Island (-0.3 percent)

Excluding distressed sales, this month only two states posted home price depreciation:

  • Delaware (-3.5 percent)
  • Alabama (-2.2 percent)

Excluding distressed sales, the five states with the highest home price appreciation were:

  • Arizona (+16.5 percent)
  • North Dakota (+12.9 percent)
  • Nevada (+12.6 percent)
  • Hawaii (+11.6 percent)
  • Idaho (+11.6 percent)

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