U.S. April Home Prices Increased 12.1% Over Last April

CoreLogic Home Price Index shows that year-over-year prices for non-distressed sales rose in all states; in Florida, 12.3%.

Palm Coast, FL – June 5, 2013 – CoreLogic issued its April Home Price Index (HPI) showing that U.S. home sale prices in April were 12.1% above those of a year ago. The rise in the HPI was the biggest year-over-year gain since February 2006 and the 14th consecutive increase in home prices. All states showed year-over-year price appreciation for non-distressed homes.

The numbers

• Home prices including distressed sales increased 12.1% nationwide compared to April 2012. Excluding distressed sales, home prices increased by 11.9%.
• On a month-over-month basis, home prices increased by 3.2 percent in April compared to March* data. Since March 2005, month-over-month gains have been at or above 2% just five times, with all occurring in the last year. Excluding distressed sales, home prices were up 3 percent month over month in April 2013.
• Despite double-digit gains in April, home prices nationwide remain 22.4 percent below their peak, which was set in April 2006. Home prices, excluding distressed sales, were still 16.3 percent below their peak. Distressed sales are composed of short sales and real estate owned (REO) transactions.
• The Pending HPI indicates that home prices are expected to rise by 12.5% on a year-over-year basis in May. Prices are also projected to increase by 2.7% compared to April.
• Excluding distressed sales, May home prices are expected to rise 13.2% from May 2012 and by 3.1% month over month.

State Highlights

Top five states registering year-over-year home price appreciation in April

• Nevada :  +24.6%
• California:  +19.4%
• Arizona:  + 17.3%
• Hawaii:  +17.0%
• Oregon:  +15.5%

States registering year-over-year price declines

• Mississippi:  -1.7%
• Alabama:  -1.6%

Five states remaining furthest from peak values

• Nevada:  -47.3%
• Florida:  -40.5%
• Michigan:  -36.1%
• Arizona:  -36.0%
• Rhode Island:  -34.7%

Source: CoreLogic