Tuesday, September 4, 2012

CoreLogic Home Price Index: DC Home Prices Up 5.8%

The CoreLogic Home Price Index (HPI®) -- reporting data through July 2012 -- was released September 4.

U.S. home prices rose 3.8% over July 2011 -- the biggest year-over-year increase since August 2006.  July 2012 figures mark the fifth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.

A few points on the CoreLogic research methodology:
  • Results reflect repeat sales of existing single-family attached and single-family detached homes only.
  • New home builder sales are not included in the analysis.
  • CoreLogic's data excludes condos and coops from review.

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

District of Columbia Home Prices

CoreLogic's numbers for the District of Columbia alone show single-family home prices -- including distressed properties -- continue to rise in 2012.  In DC rising prices for short sales and foreclosures are reducing the prospect of getting a "deal" on a distressed sale.

  • DC home prices rose 5.8% over July 2011 -- including distressed sales.
  • Prices increased 4.8% over last year -- excluding distressed home sales.

DC Metro Area Home Prices

  • Prices rose 4.5% over July 2011 -- excluding distressed home sales.
  • Home prices are up 4.4% -- including distressed home sales.

U.S. Home Prices

  • Home prices increased 3.8% over July 2011 -- including distressed sales.
  • Prices increased 4.3% over last year -- excluding distresssed sales.

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The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales.

About CoreLogic

CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has approximately 5,000 employees globally. For more information visit www.corelogic.com.

Read the full Home Data Index Report.

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