Wednesday, June 5, 2013

CoreLogic: April home prices up 9.2% in Charlotte area from year earlier - Charlotte Business Journal

CoreLogic: April home prices up 9.2% in Charlotte area from year earlier - Charlotte Business Journal


Staff Writer-Charlotte Business Journal



Home prices for the Charlotte area, including distressed sales, jumped 9.2 percent in April from the same time last year, according to CoreLogic Inc.’s index report released today.
The Charlotte-Gastonia-Rock Hill metropolitan statistical area also showed a larger increase in month-over-month figures, compared with earlier reports. Home prices rose 4 percent in April from March. By comparison, March’s home prices rose 2.9 percent from February’s figures, and they increased just 0.4 percent in February from January.
Year-over-year home prices showed greater improvement when distressed sales, such as short sales and real estate owned transactions, are excluded. With those sales removed from the calculation, home prices in the region in April were up 12.9 percent from a year earlier. On a month-to-month basis, home prices rose 4.3 percent in April from March, with distressed sales excluded.
"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," says Anand Nallathambi, CoreLogic president and chief executive. "For the second consecutive month, all 50 states registered year-over-year home price gains, excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand."
CoreLogic’s latest Home Price Index report says April national home prices with distressed-property sales included improved year-over-year by 12.1 percent, representing the largest annual increase since February 2006.
Today’s report also marks 14 months in a row of monthly increases in home prices nationwide, according to the Irvine, Calif.-based data firm (NYSE:CLGX). U.S. home prices grew 3.2 percent in April from March.
Remove the distressed sales from the figures, and home prices rose 11.9 percent when comparing April 2013 to April 2012, and 3 percent month-over-month.
"House price growth continues to surprise to the upside, with an impressive 12.1 percent gain year over year in April," Mark Fleming, CoreLogic chief economist, says in the report. "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more."

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