CoreLogic: DC Home Prices Up 6.7% in May

The latest CoreLogic Home Price Index (HPI®) -- reporting data through May 2012 -- was released Monday, July 2.  May 2012 figures mark the third consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis. 

Looking forward, the CoreLogic Pending HPI indicates that house prices nationwide, including distressed sales, will rise by at least another 1.4% from May 2012 to June 2012. Excluding distressed sales, house prices should rise by 2.0% during that same time period.

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

Numbers for the District of Columbia alone show single-family home prices -- including distressed properties -- rose over May 2011.  Apparently, local prices for short sales and foreclosures are rising reducing the prospect of getting a "deal" on a distressed sale.

• DC home prices rose 6.7% over last year -- including distressed sales.
• Prices increased 5.3% over last year -- excluding distressed home sales.

Core Based Statistical Area
Washington-Arlington-Alexandria
DC-VA-MD-WV

Figures for the Washington "Core Based Statistical Area" -- which includes the District, Arlington, Alexandria, and parts of Maryland and West Virginia -- show overall prices rising as well.

• Prices increased 2.9% over May 2011 -- excluding distressed home sales.
• Home prices are up 2.8% -- including distressed home sales.

Nationwide

Nationally the numbers show home price increases both with or without distressed properties.  Distressed sales include short sales and foreclosures.

Including Distressed Sales:

• Home prices nationwide increased on a year-over-year basis by 2.0% over May 2011.
• On a month-over-month basis, home prices also increased by 1.8% in May 2012 compared to April 2012.

Excluding Distressed Sales:

• Home prices nationwide increased on a year-over-year basis by 2.7% in May 2012 compared to May 2011.
• On a month-over-month basis, home prices increased 2.3% in May 2012 over April 2012, the fourth month-over-month increase in a row.

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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.

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.