Wednesday, September 5, 2012

Clear Capital Home Data Index: DC prices rise 12.4% over August 2011

The latest Clear Capital Home Data Index Market Report -- with data through August 2012 -- was released September 5.
National price gains strengthened, marking the fourth consecutive month of yearly gains. Fair market prices outpaced REO (foreclosure) prices over the last rolling quarter for the first time since April 2011, signaling the start to a more mature recovery.

For a more detailed discussion of differences in research methodologies and statistics take a look at my recent blog post How to Evaluate Housing Reports.

Washington Metro Area Home Prices

Washington Core Based Statistical Area (CBSA) is defined as the District, Arlington, Alexandria -- reports the following market changes:

  • Annually, Washington metro home prices rose 12.4% over August 2011.
  • Home prices rose 6.3% on a quarterly basis.
  • Of the 15 Highest Performing Metro Markets the DC area has the lowest REO (foreclosure) saturation: 7.9%. To put that in perspective the Detroit area has an REO rate of 44.8%.

U.S. Home Prices

National home price gains in August marked the fourth consecutive month of yearly gains.  Continued growth on this non-seasonally influenced metric shows fundamental strength fueling gains, rather than a boost from the summer buying season.

  • Home prices nationwide increased 2.9% over August 2011.
  • Gains of 1.9% were seen over a quarterly rolling basis.
  • The nation's average REO saturation is at 20.5% -- the first decline in 2012 and the lowest rate since April 2008 (16.3%).

Regional Home Prices

  • West - prices advanced 7.7% over August 2011
  • Northeast - increased 1.3%
  • South - prices rose 2.5% over August of last year
  • Midwest - home prices rose 0.5%

Clear Capital Home Data Index Methodology

  • Generates indices in patent pending rolling quarter intervals that compare the most recent four month to the previous three months, significantly reducing the multi-month lag time experienced with other indices.
  • Includes both conventional fair market sales and “institutional transactions” – short sales and foreclosures.
  • Uses resales with multiple property types, including single-family homes, multi-family homes, and condominiums.

Clear Capital is a premium provider of data for real estate asset valuation and risk assessment for large financial services companies. The Company's customers include the largest U.S. banks, investment firms and other financial organizations.

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