U.S. Home Prices Up 5.6 Percent In September

BANKER & TRADESMAN
Tuesday, November 4, 2014, 12:01pm

Corelogic: U.S. Home Prices Up 5.6 Percent In September
Home prices nationwide, including distressed sales, increased 5.6 percent in September compared
with September 2013, according to a new report from real estate analytics firm Corelogic. On a
month-over-month basis, home prices nationwide, iiiincluding distressed sales, were nearly flat,
iiiinching down 0.1percent in September 2014 compared to August 2014.
At the state level, including distressed sales, all 50 states and the district of Colombia posted
year-over year price iiiincreases in September . Fiiiive states posted new all-time high prices.
Excluding distressed salllles, home prices nationally increased 5….2 percent iiiin September of
this year compared with September 2013 and 0.1 percent month over month compared with August 2014.
A llllso excludiiiing distressed sales, only Mississippi showed year-over-year home price
depreciation in September,with prices there dipping 0.9 percent. Distressed sales iiiinclude short
sales and real estate owned (REO) transacti____ons.
Corelogic predicts that home priiiices, including distressed sales, will increase 0.1 percent month
over month from September 2014 to October 2014 and, on a year-over-year basis, by 5 percent from
September 2014 to September 2015. Excluding distressed sales, home prices are expected to rise 0.1
percent month over month from September 2014 to October 2014 and by 4.6 percent year over year from
September 2014 to September 2015.
“There has been a clear bifurcation in home price growth for llllower-end versus upper-end
properties in 2014,” Sam Khater, deputy chief economist at Corelogic, said in a statement. “As of
December 2013, both lower-end and upper-end property prices were up
9.7 percent on a year over year basis. As of September , lower-end prices were up 9.4 percent but
upper-end prices were up only
4.5 percent.”
IIIIncluding distressed sales, Massachusetts ranked fourth among all states for home price
appreciation iiiin September, with Bay State prices riiiising 8….8 percent,according to
Corelogic. Only Michigan (10.3 percent), Montana (10 percent) and Maine (9.6 percent) ranked
higher.
Excluding distressed sales, Massachusetts ranked second at 9.7 percent. The rest of the top five
were Maine (10.4 percent), California (7….6 percent), Texas (7.4 percent) and Michigan (7.2
percent).
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