December 2013_Corelogic_Home Price Index Report
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Home prices rose by 11% year over year in December, which represents the 22nd consecutive year over year increase in home prices nationally. Even with double digit gains in December, home prices are still 18% below the peak (April 2006) nationwide. For more details on your state, read the full report. If you would like detailed local information on what homes are listing and selling for in your Greater Austin Metro area neighborhood, go to www.HomeValuesAustinNow.com for a detailed Market Snapshot or contact me at 512.994.HOME (4663).
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December 2013_Corelogic_Home Price Index Report
- 1. CoreLogic Home Price Index Report ® December 2013
- 2. Home Price Index – National Overview ►► Home ►► Prices Rise by 11 Percent Year Over Year in December Change Represents 22nd Consecutive Year-Over-Year Increase in Home Prices Nationally ►► Pending HPI Projects -0.8 Percent Month-Over-Month Decline in January 2014 Home PRices Increased 11.0% Nationwide compared to DECember 2012 Home prices, including distressed sales, increased by 11.0 percent in December 2013 compared to December 2012. November marks the 22nd consecutive month of year-overyear home price gains. Excluding distressed sales, home prices increased by 9.9 percent year over year. CoreLogic HPI decreased −0.1% On a month-over-month basis, home prices decreased by 0.1 percent in December compared to November* data. Excluding distressed sales, home prices were up 0.2 percent month over month in December 2013. In December From November Home Prices Remain 18.0% Below April 2006 Peak Despite double-digit gains in December, home prices nationwide remain 18.0 percent below their peak, which was set in April 2006. Home prices, excluding distressed sales, were still 13.6 percent below the peak. Distressed sales is composed of short sales and real estate owned (REO) transactions. “Last year, home prices rose 11 percent, the highest rate of annual increase since 2005, and 10 states and the District of Columbia reached new all-time price peaks. We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.” Dr. Mark Fleming, chief economist for CoreLogic * November data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 2
- 3. Short-Term Projections The CoreLogic Pending HPI Indicates that Home Prices are Expected to rise by 10.2% on a year-over-year basis in January. Home prices, including distressed sales, are expected to dip 0.8 percent month over month from December 2013 to January 2014. Excluding Distressed sales, January Home Prices are poised to Rise 9.7% from January 2013 and by 0.2 percent month over month. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.” Dr. Mark Fleming, chief economist for CoreLogic The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month. Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 3
- 4. Percentage Change in Home Prices Year Over Year 20% 15% 10% 5% 0% -5% -10% -15% Including Distressed Sales Including Distressed Dec-13 Nov-12 Oct-11 Sep-10 Aug-09 Jul-08 Jun-07 May-06 Apr-05 Mar-04 Feb-03 Jan-02 -20% Excluding Distressed Excluding Distressed Sales Source: CoreLogic December 2013 Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 4
- 5. National Snapshot ►► HPI peak-to-current change including distressed sales No Decline 0% - 8% 8% - 15% 15% - 20% >20% Source: CoreLogic HPI, single-family combined series, as of December 2013 ►► HPI peak-to-current change excluding distressed sales No Decline 0% - 8% 8% - 15% 15% - 20% >20% Source: CoreLogic HPI, single-family combined excluding distressed sales series, as of December 2013 Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 5
- 6. State Highlights All 50 States and the District of Columbia showed Year-Over-Year Home Price Appreciation for December 21 STATES AND THE DISTRICT OF COLUMBIA ARE AT OR WITHIN 10 PERCENT OF THEIR HOME PRICE PEAKS ►► Five states registering largest year-over-year home price appreciation in December Nevada Michigan oregon Georgia +23.9% ►► California +19.7% +14.0% +13.7% +12.8% Five states registering smallest year-over-year home price appreciation in December Arkansas Mississippi Kentucky wisconson -1.5% ►► New Mexico -1.3% -0.2% +0.2% +0.8% Five states remaining furthest from peak values in December Nevada -40.6% Florida -37.6% Arizona -31.8% Rhode Island -30.3% West Virginia -25.6% NO STATES POSTED HOME PRICE DECRECIATION IN DECEMBER “The healthy and broad based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014. After six years of fits and starts, we can now see a clearer path to a durable recovery in single family residential housing across most of the U.S.” Anand Nallathambi, president and CEO of CoreLogic Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 6
- 7. Metropolitan Area Highlights Single Family (including Distressed) Single Family (Excluding Distressed) 22.0% 19.1% 19.1% 16.6% Atlanta-Sandy Springs-Roswell, GA 15.0% Phoenix-Mesa-Scottsdale, AZ 13.9% 11.7% 12.5% 12.4% 10.7% 10.7% 9.8% 9.4% 7.7% 7.9% 7.5% 7.9% 7.3% 95 13.1% 8.3% Metropolitan Area Riverside-San Bernardino-Ontario, CA Los Angeles-Long Beach-Glendale, CA Chicago-Naperville-Arlington Heights, IL Houston-The Woodlands-Sugar Land, TX Dallas-Plano-Irving, TX Washington-Arlington-Alexandria, DC-VA-MD-WV Minneapolis-St. Paul-Bloomington, MN-WI New York-Jersey City-White Plains, NY-NJ OF THE 100 LARGEST METROPOLITAN AREAS (CORE BASED STATISTICAL AREAS) POSTED YEAR-OVERYEAR INCREASES IN DecemBER. Source: CoreLogic Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 7
- 8. State Level Detail Single-Family Including Distressed 12-Month HPI Change 3-Month 1-Month Peak-toCurrent HPI Change Peak Date Alabama 3.7% -2.0% 0.2% -16.3% AUG-2007 Alaska 5.5% -1.6% -0.6% -2.4% AUG-2013 Arizona 12.4% 0.4% 0.2% -31.8% JUN-2006 Arkansas -1.5% -2.7% -0.5% -4.9% OCT-2006 California 19.7% 0.3% -0.4% -21.7% MAY-2006 Colorado 8.3% -0.6% 0.0% -0.6% AUG-2013 Connecticut 1.8% -2.9% 0.0% -23.5% JUL-2006 Delaware 2.7% 0.9% -1.0% -16.6% DEC-2006 District of Columbia 7.4% 1.4% 0.1% -0.1% JUN-2013 Florida 9.9% 0.4% 0.5% -37.6% OCT-2006 Georgia 12.8% -0.2% 0.6% -14.6% DEC-2006 Hawaii 9.9% -1.1% -0.6% -10.3% OCT-2006 Idaho 12.0% -1.0% -1.2% -20.3% MAY-2007 Illinois 9.2% -2.7% -0.7% -25.2% NOV-2006 Indiana 4.2% -0.7% 0.7% -8.5% JUL-2007 Iowa 2.5% -0.9% -0.8% -1.1% AUG-2013 Kansas 3.4% 0.0% 0.7% -6.2% JUL-2007 Kentucky 0.2% -2.7% -1.0% -7.5% SEP-2006 Louisiana 3.4% -0.5% 1.0% -2.1% JUL-2007 Maine 11.7% 2.6% 2.8% -3.9% JUL-2007 Maryland 6.2% -1.3% -0.1% -23.7% NOV-2006 Massachusetts 9.5% -1.4% -0.6% -12.7% OCT-2005 Michigan 14.0% -0.7% -0.5% -24.9% NOV-2005 Minnesota 6.5% -2.1% -1.4% -16.4% JUN-2006 Mississippi -0.2% -4.0% -0.8% -13.0% NOV-2007 Missouri 6.6% -1.0% 0.7% -15.0% SEP-2006 State Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. National HPI 12-month change: 11.0% 3-month change: −0.4% 1-month change: −0.1% Peak-to-current change: −18.0% Peak date: April 2006 continued on page 9 8
- 9. State Level Detail Single-Family Including Distressed State 12-Month HPI Change 3-Month 1-Month Peak-toCurrent HPI Change Peak Date National HPI Montana 9.1% 2.2% 0.9% -1.7% AUG-2007 12-month change: 11.0% Nebraska 4.3% 1.1% 0.8% 0.0% DEC-2013 3-month change: −0.4% Nevada 23.9% 0.7% 0.0% -40.6% MAR-2006 New Hampshire 5.3% -1.0% -1.0% -17.7% SEP-2005 New Jersey 5.1% -1.1% -0.2% -23.9% JUN-2006 New Mexico -1.3% -2.3% -1.0% -20.6% MAY-2007 New York 9.6% 1.7% 1.2% -4.2% NOV-2006 North Carolina 4.4% -0.8% -0.3% -7.1% JUL-2007 North Dakota 5.6% 0.7% 0.8% 0.0% DEC-2013 Ohio 3.4% -1.5% -0.3% -14.5% OCT-2005 Oklahoma 2.0% -0.6% -0.3% -1.1% JUL-2013 Oregon 13.7% -0.4% -0.1% -15.5% JUL-2007 Pennsylvania 3.3% -1.6% -0.1% -10.3% SEP-2006 Rhode Island 4.9% -1.5% -0.3% -30.3% OCT-2005 South Carolina 7.6% 0.9% -0.6% -8.4% APR-2007 South Dakota 5.3% -0.9% -0.2% -1.8% AUG-2013 Tennessee 5.2% -1.2% -0.1% -5.9% JUL-2007 Texas 8.7% 0.5% 0.4% 0.0% DEC-2013 Utah 10.4% -0.3% 0.2% -15.5% JUN-2007 Vermont 1.2% -4.6% -0.4% -4.6% SEP-2013 Virginia 5.7% -1.4% -0.3% -16.8% MAY-2006 Washington 10.1% -1.2% -1.1% -17.6% JUL-2007 West Virginia 2.1% -0.5% -1.6% -25.6% AUG-2005 Wisconsin 0.8% -3.9% -1.3% -14.9% SEP-2006 Wyoming 7.3% -3.1% -1.2% -3.8% JUN-2013 Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 1-month change: −0.1% Peak-to-current change: −18.0% Peak date: April 2006 9
- 10. State Level Detail Single-Family Excluding Distressed 12-Month HPI Change 3-Month 1-Month Peak-toCurrent HPI Change Peak Date National HPI Alabama 8.5% 0.4% 1.1% -8.3% JUL-2007 12-month change: 9.9% Alaska 5.3% -0.8% -0.2% -1.7% AUG-2013 Arizona 10.9% 0.8% 0.4% -29.5% JUL-2006 Arkansas 3.2% -0.4% 0.5% -1.3% JUL-2007 California 16.2% 0.2% -0.2% -19.8% MAY-2006 Colorado 7.4% -0.4% 0.0% -0.5% AUG-2013 Connecticut 2.3% -1.8% 0.4% -19.4% JUL-2006 Delaware 4.2% 2.1% -0.4% -15.9% JUL-2007 District of Columbia 6.7% 0.8% -0.2% -0.8% JUN-2013 Florida 11.5% 1.0% 0.8% -32.2% SEP-2006 Georgia 11.5% 0.2% 0.5% -10.4% AUG-2007 Hawaii 7.4% -1.2% -0.3% -9.8% MAY-2007 Idaho 12.8% 0.1% -0.9% -18.8% JUL-2007 Illinois 9.1% -0.9% 0.2% -17.6% OCT-2006 Indiana 4.1% 0.2% 1.2% -5.4% JUN-2007 Iowa 4.0% 0.1% -0.2% -0.2% NOV-2013 Kansas 6.8% 1.0% 1.0% -2.1% JUL-2007 Kentucky 2.3% -1.1% -0.4% -2.3% SEP-2007 Louisiana 5.0% 1.3% 1.2% 0.0% DEC-2013 Maine 7.1% 2.4% 2.0% -11.8% JUL-2007 Maryland 6.6% -0.6% -0.1% -19.8% JUL-2006 Massachusetts 9.8% 0.2% -0.4% -10.0% OCT-2005 Michigan 10.5% -0.4% 0.0% -16.7% OCT-2005 Minnesota 6.7% -1.5% -1.1% -14.3% JUN-2006 Mississippi 1.9% -1.5% 1.3% -7.1% OCT-2007 Missouri 6.6% 0.1% 1.1% -10.2% JUL-2007 State Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 3-month change: 0.2% 1-month change: 0.2% Peak-to-current change: −13.6% Peak date: April 2006 continued on page 11 10
- 11. State Level Detail Single-Family Excluding Distressed State 12-Month HPI Change 3-Month 1-Month Peak-toCurrent HPI Change Peak Date National HPI Montana 9.6% 4.0% 1.6% -5.0% AUG-2007 12-month change: 9.9% Nebraska 4.6% 1.4% 1.2% 0.0% DEC-2013 3-month change: 0.2% 20.0% 0.5% 0.1% -40.3% MAY-2006 New Hampshire 3.5% -0.8% -0.9% -15.7% SEP-2005 New Jersey 5.7% -0.2% 0.1% -20.6% JUN-2006 New Mexico 3.5% 0.7% 0.4% -15.4% MAY-2007 New York 10.2% 2.3% 1.5% -2.1% NOV-2006 North Carolina 5.9% 0.1% 0.1% -4.9% SEP-2007 North Dakota 5.4% 0.9% 0.7% 0.0% DEC-2013 Ohio 4.3% -0.8% 0.2% -9.1% JUL-2006 Oklahoma 3.3% 0.4% -0.4% -0.4% NOV-2013 Oregon 11.6% -0.4% -0.2% -14.0% JUL-2007 Pennsylvania 3.9% -0.6% 0.3% -6.9% SEP-2007 Rhode Island 4.7% -0.7% -0.1% -27.7% OCT-2005 South Carolina 7.2% 2.2% 0.3% -5.0% APR-2007 South Dakota 5.8% -0.8% 0.0% -1.8% AUG-2013 Tennessee 5.4% 0.1% 0.4% -1.2% JUL-2007 Texas 8.9% 1.2% 0.7% 0.0% DEC-2013 Utah 11.0% 0.0% 0.5% -13.7% JUL-2007 Vermont 1.1% -4.0% -0.4% -4.0% SEP-2013 Virginia 6.6% 0.0% 0.1% -13.4% MAY-2006 Washington 10.6% -0.2% -0.5% -14.1% JUL-2007 West Virginia 5.1% 0.9% -1.3% -19.9% MAY-2006 Wisconsin 2.2% -2.1% -0.7% -10.4% SEP-2006 Wyoming 0.5% -1.5% -0.6% -7.6% SEP-2007 Nevada Corelogic home price index report DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 1-month change: 0.2% Peak-to-current change: −13.6% Peak date: April 2006 11
- 12. More Insights The CoreLogic Insights Blog (corelogic.com/blog) provides an expanded perspective on housing economies and property markets, including policy, trends, regulation and compliance. Please visit the blog for timely analysis, thought-provoking data visualizations and CoreLogic CoreLogic Econ unique commentary from our team in the Office of the Chief Economist. CoreLogic HPI Methodology The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) 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. 6,975 ZIP codes (58 percent of total U.S. population), 632 Core Based Statistical Areas (86 percent of total U.S. population) and 1,233 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia. About CoreLogic CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The Company’s combined data from public, contributory, and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com. CORELOGIC, the CoreLogic logo, CORELOGIC HPI and HPI are trademarks of CoreLogic, Inc. and/or its subsidiaries. Contact For more information, please call 415-536-3500 or email tdahl@corelogic.com. Corelogic home price index report 17-HPI-DEC13-0214-00 DECember 2013 © 2014 CoreLogic — Proprietary and confidential. This material may not be reproduced in any form without express written permission. 12