by Bill McBride on 3/05/2013 09:00:00 AM
Tuesday, March 05, 2013
Notes: This CoreLogic House Price Index report is for January. The recent Case-Shiller index release was for December. Case-Shiller is currently the most followed house price index, however CoreLogic is used by the Federal Reserve and is followed by many analysts. The CoreLogic HPI is a three month weighted average and is not seasonally adjusted (NSA).
From CoreLogic: CoreLogic Home Price Index Rises by Almost 10 Percent Year Over Year in January
Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January 2013 compared to January 2012. This change represents the biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.7 percent in January 2013 compared to December 2012. The HPI analysis shows that all but two states, Delaware and Illinois, are experiencing year-over-year price gains.Click on graph for larger image.
Excluding distressed sales, home prices increased on a year-over-year basis by 9.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared to December 2012. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that February 2013 home prices, including distressed sales, are expected to rise by 9.7 percent on a year-over-year basis from February 2012 and fall by 0.3 percent on a month-over-month basis from January 2013, reflecting a seasonal winter slowdown.
“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic.
This graph shows the national CoreLogic HPI data since 1976. January 2000 = 100.
The index was up 0.7% in January, and is up 9.7% over the last year.
The index is off 26.4% from the peak - and is up 10.1% from the post-bubble low set in February 2012.
The second graph is from CoreLogic. The year-over-year comparison has been positive for eleven consecutive months suggesting house prices bottomed early in 2012 on a national basis (the bump in 2010 was related to the tax credit).
This is the largest year-over-year increase since 2006.
Since this index is not seasonally adjusted, it was expected to decline on a month-to-month basis in January - instead the index increased, and, considering seasonal factors, this month-to-month increase was very strong.