On Nov. 6, CoreLogic, Irvine, California, reported that home prices nationally, including distressed-property sales, rose by 5 percent in September 2012 compared with one year ago. The increase shown in the company's Home Price Index (HPI[R]) report for September was the biggest increase since July 2006, CoreLogic said.
The September report showing the 5 percent jump in national home prices was the seventh consecutive increase in national prices on a year-over-year basis. CoreLogic noted that all but seven states are showing year-over-year price gains, according to the latest HPI analysis.
Compared with the August HPI report findings, national home prices including distressed sales declined by 0.3 percent in the September 2012 report.
Looking ahead, the CoreLogic Pending HPI forecasts that October 2012 home prices are expected to rise by 5.7 percent on a year-over-year basis, including distressed sales. Compared with the September HPI report, the forecast level of October prices would be down by 0.5 percent, reflecting a seasonal slowdown, according to CoreLogic.
"While prices on a month-over-month basis are declining, as expected in the housing off-season, most states are exhibiting price increases. Gains are particularly large in former housing-bubble states and energy-industry-concentrated states," said Mark Fleming, chief economist for CoreLogic.