CoreLogic: DC Home Prices Rise 6.7% Over September 2011

The CoreLogic Home Price Index (HPI®) -- reporting data through September 2012 -- was released November 6.

CoreLogic research methodology shows home prices nationwide, including distressed sales, increased on a year-over-year basis by 5% in September 2012 compared to September 2011.  This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis.  Distressed sales include short sales and real estate owned (REO) transactions.

“Home prices are responding to better market fundamentals, such as reduced inventories and improved buyer demand,” said Anand Nallathambi, president and CEO of CoreLogic. “So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market.”

District of Columbia Home Prices

Price increases over September of last year show "distressed sales" (short sales and foreclosures) are not causing substantial price decreases in the Washington, DC housing market.

• DC home prices rose 6.7% over September 2011 -- including distressed sales (i.e. short sales and foreclosures).
• Prices increased 6.5% over last year -- excluding distressed home sales.

DC *Metro Area* Home Prices

Washington-Arlington-Alexandria, DC-VA-MD-WV

• Prices rose 5.3% over September 2011 -- excluding distressed home sales.
• Home prices are up 4.8% -- including distressed home sales.

U.S. Home Prices

• Home prices increased 5% over September 2011 -- including distressed sales.
• Prices increased 5% over last year -- excluding distresssed sales.

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Methodology

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.

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.

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.