Home Prices See Biggest Monthly Jump Since ’06
Posted September 6th, 2012 | by The Update
Home Prices Across the Nation Show Signs of Continued Growth and Recovery in the U.S. Real Estate Market.
CoreLogic: Home prices in the U.S. enjoyed the largest annual increase in July that they had in six years, increasing 3.8 percent from prices in July 2011… This was the fifth consecutive month that the Index had increased on both an annual and month-over-month basis.
CoreLogic’s HPI rose 4.3 percent from July 2011 and was up 1.7 percent month-over-month. This was also the fifth consecutive month-over-month increase.
CoreLogic predicts that prices will show an even faster rate of appreciation in its August report with an expected annual increase of 4.6 percent including distressed sales and 6.0 percent for market rate sales. The July to August changes for the distressed and the non-distressed indices are expected to be +0.6 percent and +1.3 percent respectively. The Pending HPI is based on Multiple Listing Service data that measures price changes in the most recent month.
“It’s been six years since the housing market last experienced the gains that we saw in July, with indications the summer will finish up on a strong note,” said Anand Nallathambi, president and CEO of CoreLogic. “Although we expect some slowing in price gains over the balance of 2012, we are clearly seeing the light at the end of a very long tunnel.”
”The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” said Mark Fleming, chief economist for CoreLogic. “While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”
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