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Economy in Brief

U.S. Home Prices Continue Higher
by Tom Moeller  March 05, 2013

The latest report from CoreLogic indicated that home prices gained 0.7% during January after a 0.2% December rise. These gains lifted the y/y increase to 9.7%, the strongest rise since early-2006. When seasonally adjusted by Haver analytics, home prices rose 1.4% during January, the strongest monthly increase since March 2005. These rates of increase include sales of distressed homes. 

Excluding distressed home sales, prices have similarly firmed. On a one-month basis home prices rose 1.8% during January and that lifted the y/y rise to 9.0%, also its strongest since early-2006. When seasonally adjusted by Haver, these home prices also jumped a record 1.8% m/m in January. During the last six months prices rose 5.2%.

For single-family detached homes alone, including distressed sales, prices rose 9.6% y/y in January. For attached homes the rise was a greater 10.3%.

The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, which provides a more accurate "constant-quality" view of pricing trends than basing analysis on all home sales. The CoreLogic HPI covers 6,070 ZIP codes (58 percent of total U.S. population), 519 Core Based Statistical Areas (CBSA, 85 percent of total U.S. population) and 898 counties (81 percent of total U.S. population)
located in all 50 states and the District of Columbia.

The CoreLogic HPI is used by the Federal Reserve to calculate the value of real estate assets in the Flow of Funds accounts.
Source: First American CoreLogic.The CoreLogic figures can be found in Haver's USECON database. 

CoreLogic Home Price Index Jan Dec Nov Y/Y 2012 2011 2010
Index Including Distressed Sales (%) 0.7 0.2 0.1 9.7 3.5 -4.1 -0.3
Index Excluding Distressed Sales (%) 1.8 0.5 0.2 9.0 1.5 -3.9 -1.7
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