Residential property prices increased 11.8% year on year in November 2013, according to the latest home price index from residential analytics firm CoreLogic.

US property prices rose almost 12% in 2013, latest data says!

Residential property prices increased 11.8% year on year in November 2013, according to the latest home price index from residential analytics firm CoreLogic.


It is the 21st consecutive monthly year on year increase in home prices nationally and on a monthly basis prices were up 0.1%, indicating that growth is slowing.

However, excluding distressed sales, home prices increased 0.3% in November 201, while on a year on year basis they were up 10.4%.

The CoreLogic Pending House Price Index indicates that December 2013 home prices, including distressed sales, are expected to fall 0.1% month on with a projected increase of 11.5% year on year.

Excluding distressed sales, December 2013 home prices are poised to rise 0.2% month on month and 10.6% year on year from December 2012.

‘The housing market paused as expected in November for the holiday season with very low month on month appreciation. Year on year home prices are up an impressive 11.8%,’ said Mark Fleming, chief economist for CoreLogic.

‘Our pending HPI projects that home prices will grow by 11.5% for the full year 2013. That will make 2013 the best year for home price appreciation since 2005. On a year on year basis, home prices have appreciated every month in 2013,’ he added.

Anand Nallathambi, president and chief executive officer of CoreLogic pointed out that 21 states and the district of Columbia are now at or within 10% of their peaks. ‘The outlook for 2014 looks a bit less robust as regulatory complexities and tight credit can be expected to cool the housing market,’ he added.

Including distressed sales, the five states with the highest home price appreciation were Nevada up 25.3%, California up 21.3%, Michigan up 14.4%, Arizona up 13.5% and Georgia up 13.3%. The only state to show depreciation was Arkansas with a fall of 1.1%.

Excluding distressed sales, the five states with the highest home price appreciation were Nevada up 21%, California up 17.6%, Idaho and Florida both up 12.4%, and Arizona up 11.7%. Excluding distressed sales, no states posted home price depreciation in November.

Including distressed transactions, the peak to current change in the national HPI from April 2006 to November 2013 was -17.6%. Excluding distressed transactions, the peak to current change in the HPI for the same period was -13.3%.

The five states with the largest peak to current declines, including distressed transactions, were Nevada at -40.5%, Florida with -37.3%, Arizona with -31.4%, Rhode Island with -29.4% and Illinois with -24.5%.

The data also shows that 96 of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year on year increases in November 2013.