CoreLogic: DC Home Prices Rise 3.6% in June

The latest CoreLogic Home Price Index (HPI®) -- reporting data through June 2012 -- was released August 7.  June 2012 figures mark the fourth consecutive increase in home prices nationwide on both a year-over-year and month-over-month basis. 

The CoreLogic Pending HPI indicates that July home prices, including distressed sales, will rise by at least 0.4 percent on a month-over-month basis from June 2012 and by 2.0 percent on a year-over-year basis from July 2011. Excluding distressed sales, July house prices are also poised to rise by 1.4 percent month-over-month from June 2012 and by 4.3 percent year-over-year from July 2011.

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 June 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 3.6% over last year -- including distressed sales.
• Prices increased 2.5% 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 3.3% over June 2011 -- excluding distressed home sales.
• Home prices are up 3.1% -- 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.  June 2012 figures mark the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.

Including Distressed Sales:

• Home prices nationwide increased on a year-over-year basis by 2.5% over June 2011.
• On a month-over-month basis, home prices also increased by 1.3% in compared to May 2012.

Excluding Distressed Sales:

• Home prices nationwide increased on a year-over-year basis by 3.2% in June 2012 compared to June 2011.
• On a month-over-month basis, home prices increased 2.0% in from May to June 2012.

*       *       *

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.