Economists' Outlook

Housing stats and analysis from NAR's research experts.

CoreLogic House Price Index

In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses the CoreLogic House Price Index.

  • Yet another data source confirms rising prices. CoreLogic’s House Price Index for August showed that prices rose 4.9 percent from one year ago when distressed sales were excluded.
  • Among all sales, including those of distressed properties, prices rose 4.6 percent from a year ago.
  • Including distressed sales, the five states with the greatest home price depreciation were: Rhode Island (-2.6 percent), Illinois (-2.3 percent), New Jersey (-1.4 percent), Alabama (-0.7 percent) and Connecticut (-0.5 percent). Three of these five - Illinois, New Jersey, and Connecticut - are judicial only foreclosure states meaning that courts action is required to foreclose a home.
  • Backlogs in the judicial process could be contributing to price weakness. By comparison, non-judicial processes predominate among states with the highest home price appreciation in the last year: Arizona (+18.2 percent), Idaho (+10.4 percent), Nevada (+9.0 percent), Utah (+8.9 percent) and Hawaii (+8.0 percent). Perhaps an alternative foreclosure process would clear inventory and speed up market healing in judicial process states.
  • Perhaps the most important take-away is that price gains are generally broadly spread. Only three states did not have price gains in the last year when distressed sales are excluded; including distressed sales only six states did not show a gain.

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