Monthly Home Prices Dip but Still Post an Annual Gain

November 15, 2012 (Chris Moore)

Monthly national home prices fell for the first time in seven months according to CoreLogic’s September Home Price Index (HPI) while year-over-year, home prices posted their largest gain since July 2006

Including distressed property sales, home prices in September were 0.3 percent lower than in August and were 5.0 percent higher than in September of last year. It was the seventh consecutive month that prices have improved on a yearly basis.

Excluding distressed properties, monthly home values improved by 0.5 percent and were also 5.0 percent higher than in September of last year.

Nevada (-53.9 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Florida (-44.7 percent), Arizona (-41.7 percent), California (-37.2 percent) and Michigan (-35.0 percent). That was little changed from last month’s list of worst performing states which included Nevada (-54.7 percent), Florida (-44.3 percent), Arizona (-42.0 percent), California (-37.7 percent) and Michigan (-36.5 percent).

Since the market peak in September 2006, home prices have declined 27.0 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 20.4 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Eighteen out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in September, which was nine less than the revised amount reported in August.

The states with the highest year-over-year (YOY) appreciation including distressed sales were: Arizona (+18.7 percent), Idaho (+13.1 percent), Nevada (+11.0 percent), Hawaii (+8.9 percent) and Utah (+8.7 percent). In August, those states were: Arizona (+18.2 percent), Idaho (+10.4 percent), Nevada (+9.0 percent), Utah (+8.9 percent) and Hawaii (+8.0 percent).

The states with the greatest YOY depreciation including distressed sales were: Rhode Island (-3.5 percent), Illinois (-2.3 percent), New Jersey (-1.8 percent), Alabama (-1.3 percent) and Delaware (-0.5 percent). In August, those states were: Rhode Island (-2.6 percent), Illinois (-2.3 percent), New Jersey (-1.4 percent), Alabama (-0.7 percent) and Connecticut (-0.5 percent).

The states with the highest YOY appreciation excluding distressed sales were: Arizona (+14.0 percent), Idaho (+10.5 percent), Nevada (+9.5 percent), Montana (+8.5 percent) and California (+8.4 percent). In August, those states were: Arizona (+13.0 percent), Utah (+10.0 percent), Montana (+8.8 percent), Idaho (+8.6 percent) and North Dakota (+7.7 percent).

The states with the greatest YOY depreciation excluding distressed sales were: Alabama (-3.1 percent), New Jersey (-1.6 percent), Delaware (-1.4 percent) and Rhode Island (-1.3 percent). In August, those states were: Rhode Island (-1.7 percent), New Jersey (-1.4 percent), Alabama (-0.2 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic