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Home Prices Rise for Second Month

Home Prices Rise for Second Month

When CoreLogic released its April Home Price Index (HPI) earlier this week, there were many encouraging signs that the housing market is recovering better than originally predicted. Home prices and the number of distressed sales increased nationwide by 1.1% in April 2012 (compared to 2011). This marked the second year-over-year increase in 2012 and the first time two consecutive increases have occurred since 2010. Furthermore, CoreLogic reported that “on a month-over-month basis, home prices, including distressed sales, increased by 2.2 percent in April 2012 compared to March – the second consecutive month-over-month increase this year” (CoreLogic).

CoreLogic’s findings also yielded some other interesting results:

  • When reviewing the numbers, removing distressed sales resulted in a 2.6% increase in home prices which is the third time in a row there was a month-to-month increase
  • Home prices are estimated to rise by at least 2% between April and May (results still pending)
  • Florida ranked 3rd in the US in states with the highest appreciation at +5.5%
  • Florida was 2nd in the largest peak-to-current declines at -46.5%

According to Anand Nallathambi, president and chief executive officer of CoreLogic, “we see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing” (Nallathambi). As home prices improve at such a rapid rate (a rate not experienced since 2006), there is reason to be optimistic as to the future of the housing market.

If you have interest in property on Florida’s Gulf Coast, please click here, Southwest Florida Real Estate For Sale. For more information on a specific property, please contact Jim Mulligan, Suncoasteam Realty at 941-235-7474 or jim@suncoasteam.com.

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