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Home Prices Up in April, Indicating Recovering Housing Market and Stability
|While higher home prices may seem like a negative factor for potential buyers, it does indicate that the housing market is improving and becoming more stable. Following reports that becoming a homeowner is now more affordable than ever, CoreLogic reports home prices were up from a year ago.
Wednesday, June 13th, 2012
While higher home prices may seem like a negative factor for potential buyers, it does indicate that the housing market is improving and becoming more stable. Following reports that becoming a homeowner is now more affordable than ever, CoreLogic reports home prices were up from a year ago.
According to the data firm's April Home Price Index, home prices nationwide, including sales of distressed properties, increased on a year-over-year basis by 1.1 percent. This marks the second consecutive year-over-year increase in 2012 and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices were up 2.2 percent, the second straight month-over-month increase.
When not including distressed sales, April prices increased 2.6 percent compared to March. The Index also shows that year-over-year prices without distressed sales were up 1.9 percent in April 2012.
"We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing," said Anand Nallathambi, president and chief executive officer of CoreLogic. "Home prices are responding to a restricted supply that will likely exist for some time to come - an optimistic sign for the future of our industry."
When including distressed sales, Florida was one of the five states with the highest price appreciation, with a 5.5 percent increase, along with Arizona, District of Columbia, Montana and Utah. When excluding distressed sales, the five states with the highest appreciation were Utah, Idaho, Mississippi, Louisiana and Arizona.
While low prices provide potential buyers of new homes with high affordability, a rise in home prices will benefit buyers in the future, as a strong market is necessary to sell homes without losing value.