IRVINE, Calif.— Home prices nationwide, including distressed sales, increased 6.1% in October 2014 compared to October 2013, according to the CoreLogic Home Price Index Report.
The company said the change represents 32 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, rose by 0.5% in October 2014 compared to September of 2014.
At the state level, including distressed sales, all states showed year-over-year home price appreciation in October. Twenty-seven states and the District of Columbia were at or within 10% of their home price peak, CoreLogic said, noting that the HPI reached new highs in a total of nine states: Colorado, Louisiana, Nebraska, New York, North Dakota, South Dakota, Tennessee, Texas and Wyoming.
Excluding distressed sales, home prices nationally increased 5.6% in October 2014 compared to October 2013 and 0.6% month over month compared to September 2014. Also excluding distressed sales, 49 states and the District of Columbia showed year-over-year home price appreciation in October, with Mississippi being the only state to experience a year-over-year decline (-1.2%). Distressed sales include short sales and real estate owned (REO) transactions.
CoreLogic said that its HPI Forecast indicates that home prices, including distressed sales, are projected to increase 0.2% month over month from October 2014 to November 2014 and, on a year-over-year basis, by 5.1% from October 2014 to October 2015. Excluding distressed sales, home prices are expected to rise 0.2% month over month from October 2014 to November 2014 and by 4.7% year over year from October 2014 to October 2015, it said.
The CoreLogic HPI Forecast is a monthly projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
Among the findings as of October 2014:
- Including distressed sales, the five states with the highest home price appreciation were: Michigan (+10.5%), South Dakota (+10.4%), Montana (+9.1%), Texas (+8.7%) and Colorado (+8.6%).
- Excluding distressed sales, the five states with the highest home price appreciation were: South Dakota (+10.4%), Massachusetts (+9.7%), Maine (+8.4%), Texas (+8.1%) and Michigan (+8.0%).
- Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2014) was -12.4%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was 8.9%.
- The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-36.1%), Florida (-33.5%), Arizona (-29.0%), Rhode Island (-28.3%) and Maryland (-21.9%).
- Including distressed sales, the U.S. has experienced 32 consecutive months of year-over-year increases; however, the national average is no longer posting double-digit increases.
- Ninety-four of the top 100 core based statistical areas (CBSAs) measured by population showed year-over-year increases in October 2014. The six CBSAs that showed year-over-year declines were Hartford-West Hartford-East Hartford, Conn.; Worcester, Mass.-Conn.; Greensboro-High Point, N.C.; Rochester, N.Y.; Camden, N.J. and Winston-Salem, N.C.
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