Home Price Index Rises 7.4% Year Over Year in November

By Scot Campbell, Huntington Beach Realtor – January 22, 2013

Source:  January 15, 2013—CoreLogic® HPI® report.

The Huntington Beach real estate market has been improving along with the national, California, and regional markets.

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 7.4 percent in November 2012 compared to November 2011.

CoreLogic HPI Nov 12 GraphThis change represents the biggest increase since May 2006 and the ninth consecutive increase in home prices nationally on a year-over-year basis.

The HPI analysis shows that all but six states are experiencing year-over-year price gains.

Excluding distressed sales, home prices nationwide increased on a year-over-year basis by 6.7 percent in November 2012 compared to November 2011.

Looking at the HPI graph, it appears that appreciation started in January 2012.

On a month-over-month basis excluding distressed sales, home prices increased 0.9 percent in November 2012 compared to October 2012. Distressed sales include short sales and real estate owned (REO) transactions.

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said Anand Nallathambi, president and CEO of CoreLogic. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”

Highlights of Interest for California and our Local Area include: 

CoreLogic HPI NOV 12 MapIncluding distressed sales, the five States with the highest home price appreciation were: Arizona (+20.9 percent), Nevada (+14.2 percent), Idaho (+13.8 percent), North Dakota (+11.3 percent), California (+11.1 percent).

Including distressed sales, the three Metropolitan Areas with the highest home price appreciation were: Phoenix-Mesa-Glendale, Arizona (+19.9 percent), Riverside-San Bernardino-Ontario, California (+9.6 percent), Los Angeles-Long Beach-Glendale, California (+8.4 percent)

Methodology

The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales.

It has become clear in recent months that more Huntington Beach homes would be selling IF there were more homes on the market.  Most buyers have seen everything currently on the market and are waiting for new listings.  If you are thinking about selling, contact Scot Campbell and tell him about your property and moving plans.  Scot may already be working with the perfect buyer for your home!

Scot Campbell will PAY for a pre-marketing apprasial for your home to make sure you list at the right price!

For questions about buying and selling real estate in Orange County, contact Scot Campbell.

Scot Campbell is an expert in the Huntington Beach market area
Scot Campbell is an expert in the Huntington Beach market area

He is the President of The Scot Campbell TEAM at Coldwell Banker-Campbell Realtors in Huntington Beach, CA.

He has been a licensed broker for over 22 years and has brokered over 1000 homes and just about every type of transaction imaginable.

Read his profile and client reviews at www.ScotCampbell.com

He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com

 

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