CoreLogic’s Home Price Index (HPI) improved year-on-year for the 21st straight month in November, setting 2013 up to be the best year for home price gains since before the crash.
According to the company’s index, home prices nationwide (including distressed sales) increased 11.8 percent in November compared to the year prior. On a monthly basis, prices moved more or less sideways, coming up an estimated 0.1 percent from October’s revised numbers.
Excluding distressed sales, CoreLogic estimates prices were up 10.4 percent year-over-year and 0.3 percent month-over-month.
“The housing market paused as expected in November for the holiday season with very low month-over-month appreciation,” said Dr. Mark Fleming, CoreLogic’s chief economist.
For December, the firm’s Pending HPI forecasts an annual increase of 11.5 percent, making 2013 “the best year for home-price appreciation since 2005,” Fleming added.
The monthly forecast is less optimistic, with prices projected to dip 0.1 percent from November.
Including distressed sales, the five states with the highest home price appreciation in November were Nevada (+25.3 percent), California (+21.3 percent), Michigan (+14.4 percent), Arizona (+13.5 percent), and Georgia (+13.3 percent). The only state to report a drop in prices was Arkansas (-1.1 percent).
At the local level, CoreLogic reports 96 of the top 100 Core Based Statistical Areas (as measured by population) posted year-over-year improvements in November.