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April Prices See Biggest Yearly Gain Since February 2006

""CoreLogic's"":http://www.corelogic.com/ Home Price Index (HPI) continued to grow stronger in April, according to the company's latest HPI report.


Home prices nationwide--including distressed sales--rose 3.2 percent in April compared to March and 12.1 percent compared to April 2012. The annual increase is the 14th straight improvement on the national level and marks the biggest year-over-year gain since February 2006.

Excluding distressed sales, prices were up 3 percent on a monthly basis and 11.9 percent on a yearly basis, CoreLogic reported.

""The pace of the housing market recovery quickened in April as home prices rose across the U.S.,"" said Anand [COLUMN_BREAK]

Nallathambi, president and CEO of CoreLogic. ""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.""

For May, CoreLogic's Pending HPI projects price growth of 2.7 percent month-over-month and 12.5 percent year-over-year, continuing the trend. Excluding distressed sales, prices are poised to rise 3.1 percent from April and 13.2 percent from May 2012.

Including distressed sales, the five states with the highest home price appreciation were Nevada (24.6 percent); California (19.4 percent); Arizona (17.3 percent); Hawaii (17 percent); and Oregon (15.5 percent). Only two states reported depreciation: Mississippi (-1.7 percent) and Alabama (-1.6 percent).

""House price growth continues to surprise to the upside with an impressive 12.1 percent gain year over year in April,"" said Dr. Mark Fleming, chief economist for CoreLogic. ""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.""

Of the top 100 core-based statistical areas measured by population, 94 showed yearly price gains in April, the same as in March.


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