More Housing Indexes Point to Pricing Rebound
Daily Real Estate News | Wednesday, September 05, 2012
Several housing indicators in recent months are all revealing a similar trend: Home prices are rising in most markets across the country.
The latest housing index from CoreLogic, based on July multiple listing service data, shows national home prices are up 3.8 percent from a year ago in July.
According to CoreLogic, that is the largest annual increase since August 2006.
“It’s been six years since the housing market last experienced the gains that we saw in July, with indications the summer will finish up on a strong note,” says Anand Nallathambi, president and CEO of CoreLogic. “Although we expect some slowing in price gains over the balance of 2012, we are clearly seeing the light at the end of a very long tunnel.”
According to CoreLogic the states seeing the largest price increases were Arizona (16.6%), Idaho (10%), Utah (9.3%), South Dakota (8.3%), and Colorado (7.3%).
CoreLogic’s index follows on the heels of the National Association of REALTORS®’ existing-home sales index for July, which showed home prices up 9.4 percent from a year ago. Home prices have risen for the last five consecutive months, according to NAR research.
Also, last week, the S&P/Case-Shiller Home Price index showed national home prices up 1.2 percent from a year ago during the second quarter.
Each housing index may differ somewhat because it pulls data from different sources and uses different metrics.
Source: REALTOR® Magazine Daily News