On a month-over-month basis, including distressed sales, home prices increased by only 0.2 percent in October 2013 compared with September 2013, according to CoreLogic's House Price Index report. Home prices nationwide, including distressed sales, increased 12.5 percent in October 2013 year-over-year compared with October 2012. This change represents the 20th consecutive monthly year-over-year increase in home prices nationally.
Excluding distressed sales, home prices increased 0.4 percent month-over-month in October 2013 compared with September 2013. On a year-over-year basis, excluding distressed sales, home prices increased by 11 percent in October 2013 compared with October 2012. Distressed sales include short sales and real-estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that November 2013 home prices, including distressed sales, are expected to remain at the same level month over month as October 2013, with a projected increase of 12.2 percent on a year-over-year basis from November 2012. Excluding distressed sales, November 2013 home prices are poised to rise just 0.4 percent month-over-month from October 2013 and 11.3 percent year-over-year from November 2012.
The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.
"In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013," said Anand Nallathambi, president and CEO of CoreLogic, in a release.
Highlights as of October 2013:
-- Including distressed sales, the five states with the highest home price
appreciation were: Nevada (+25.9 percent), California (+22.4 percent),
Georgia (+14.2 percent), Michigan (+14.1 percent), and Arizona (+14
-- Including distressed sales, the only state to show depreciation was New
Mexico (-0.5 percent).
-- Excluding distressed sales, the five states with the highest home price
appreciation were: Nevada (+22.5 percent), California (+18.5 percent),
Utah (+13.3 percent), Florida (+13 percent), and New York (+12.4 percent).
-- Excluding distressed sales, no states posted home price depreciation in
-- Including distressed transactions, the peak-to-current change in the
national HPI (from April 2006 to October 2013) was -17.3 percent.
Excluding distressed transactions, the peak-to-current change in the HPI
for the same period was -13.1 percent.
-- The five states with the largest peak-to-current declines, including
distressed transactions, were Nevada (-40.7 percent), Florida (-37.4
percent), Arizona (-31.5 percent), Rhode Island (-29.3 percent), and West
Virginia (-28 percent).
-- 96 of the top 100 Core Based Statistical Areas (CBSAs) measured by
population showed year-over-year increases in October 2013.