In yet another positive sign for national home values, CoreLogic’s August Home Price Index reveals a year-over-year increase of 4.6 percent and a month-over-month gain of 0.3 percent. The improvement marks the sixth consecutive price increase on both a year-over-year and month-over-month basis. And, when excluding sales of distressed properties, prices nationwide were up 4.9 percent compared to one year earlier. Mark Fleming, CoreLogic’s chief economist, said he expects the price gains to continue in September and points out that the recent improvement has been increasingly geographically diverse. According to Fleming, only six states continue to show declining prices. CoreLogic is forecasting a 5.0 percent improvement for their upcoming September price report. More here and here.
Trulia’s Housing Barometer uses data from the Census Bureau, the National Association of Realtors, and LPS First Look to measure how quickly the housing market is returning to normal. The barometer determines this by comparing current construction, sales, and delinquency data to where it was at its worst and at pre-bubble levels. According to the most recent release, the housing market was 42 percent back to normal in August, up from 34 percent in July and 25 percent in August 2011. The improvement was due, primarily, to a two-year high in existing-home sales and construction starts near their second-highest level in four years. Also, delinquency and foreclosure rates hit a post-recession low, which put them 38 percent closer to normal. In August, the housing barometer reached its highest level since the recovery began. More here.
The National Association of Realtors’ Pending Home Sales Index slipped in August after hitting a two-year high in July. The index, a future indicator of existing-home sales based on contract signings but not closings, fell 2.6 percent, though it remains at elevated levels from one year ago. Lawrence Yun, NAR’s chief economist, said the index has shown 16 consecutive months of year-over-year increases, which has lead to a 9.0 percent jump in sales of previously owned homes. Compared to last year, pending-home sales are up 10.7 percent. Regionally, contract signings fell everywhere but the Northeast, where they were up 0.9 percent from one month earlier. More here and here.