–Pending Home Sales Index Indicates More Yearly Price Gains In Sept
By Ian McKendry
WASHINGTON (MNI) – U.S. home prices rose 4.6% on a yearly basis in
August after showing a similar 4.3% increase in July, data analytics
firm CoreLogic reported Tuesday.
“Again this month prices rose on a year-over-year basis and our
expectation is for that to continue in September based on our pending
HPI forecast,” CoreLogic Chief Economist Mark Fleming said in a
statement Tuesday.
CoreLogic said their pending home price index is indicating home
prices will rise 5% year-over-year but fall 0.3% month-over-month in
September as the summer buying season comes to a close.
On a month-over-month basis, the index rose 0.3% in August which
was a slight slowdown from July when prices rose 1.3%.
CoreLogic also measures sales excluding distressed, which includes
short sales and real estate owned properties which tend to be sold at a
discount.
This ex-distressed measure showed that prices rose 4.9% on a
year-over-year basis in August which was an increase from July when
prices rose 4.3%.
Another positive take away from the report was that price gains
were more geographically diverse with only Kentucky, Connecticut,
Alabama, New Jersey, Illinois, and Rhode Island showing price declines
over the last 12-months.
“Sustained economic recovery in the U.S. requires a healthy housing
market,” CoreLogic CEO Anand Nallathambi said in a statement.
“Improving pricing trends over the past few months and our forecast
for continued gains in September bode well for a progressive rebound in
the residential housing market,” he added.
CoreLogic said the August year-over-year including distressed
sales price increase was the largest since July 2006.
** MNI Washington Bureau: 202-371-2121 **
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