Home prices nationwide, including distressed sales, increased 12 percent in September 2013 compared with the same time last year, according to a new report from real estate data and analytics provider CoreLogic. This change represents the 19th consecutive monthly year-over-year increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.2 percent in September compared with August.
Excluding distressed sales, home prices increased on a year-over-year basis by 10.8 percent in September 2013 compared with September 2012. On a month-over-month basis, excluding distressed sales, home prices increased 0.3 percent in September 2013 compared with August 2013. Distressed sales include short sales and real estate owned (REO) transactions.
CoreLogic predicts that home prices, including distressed sales, will rise 12.5 percent on a year-over-year basis in October.
"September marked the unofficial five-year anniversary of the start of the housing crisis," Mark Fleming, chief economist for CoreLogic, said in a statement. "The five-year home price appreciation for all homes in the nation was 3.4 percent. While there is still room for improvement, the CoreLogic HPI is at the highest level since May 2008."
"We are seeing a slowdown in the rate of price appreciation over the past few months from the rapid pace experienced over the first half of this year. This deceleration is natural and should help keep market fundamentals in balance over the longer term," Anand Nallathambi, president and CEO of CoreLogic, said in a statement.
Including distressed sales, the five states with the highest home price appreciation were Nevada (+25.3 percent), California (+22.5 percent), Arizona (+14.6 percent), Georgia (+14.4 percent) and Michigan (+13.9 percent).
Massachusetts ranked 11th on CoreLogic’s list, with single-family, home-price appreciation, including distressed sales, of 11.7 percent. Excluding distressed sales, Bay State home prices increased 11.6 percent according to CoreLogic.
