Home Prices Up by 11.9 Percent Year Over Year

Home Prices Up by 11.9 Percent Year Over Year

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Home values in light of your renovation project.

Home values have increased sharply year over year.

Good news for homeowners was a scarce commodity during the height of recession as home foreclosures surged, home valuations plunged and the nation’s mood was grim. These days, however, much has changed as home values are up, significantly, year to year with CoreLogic pegging that average at 11.9 percent.

Home Price Index Report

In its latest CoreLogic Home Price Index (HPI®) report, CoreLogic — the real estate property analysis firm — home prices increased nearly two points over May. Thus a home worth $200,000 in May might be valued at $204,000 in June, the last month that statistical information was available. That also means that this same house was valued at about $182,000 just one year earlier.

CoreLogic reported that excluding distressed sales, average home prices improved by 11 percent in June 2013 compared to June 2012. Excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Core Logic identifies “distressed sales” as those properties that include short sales and real estate owned transactions.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” said Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.” The company sees double-digit growth continuing for July with that report to be released in early Sept.

State by State Changes

By state, there was significant differences in home values across the country. Nearly all states averaged much higher than normal gains, but two states fell. In Mississippi prices dropped by 2.1 percent and Delaware fell by 1.1 percent.

Leading the nation was Nevada where home prices are up by 26.5 percent over the past year. California at 21.4 percent, Wyoming at 16.7 percent, Arizona at 16.2 percent and Georgia at 14.3 percent also topped the national average. These averages included the sale of distressed homes. Of the top 100 metropolitan areas surveyed by CoreLogic, 99 are reflecting home valuation gains for the year. The Los Angeles area led with gains averaging 20.7 percent.

Home Improvement Impact

Increased home valuations is also good news for homeowners seeking to renovate their homes, regardless whether they have a current intent to sell in mind. A home in prime condition is more likely to sell than one that is not, with the increased home prices possibly improving your return on investment. Keep this point in mind as you plan your next home improvement project.

See AlsoHow to Maximize Your Home’s Valuation

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Categories: Home Values

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Auto Trends Magazine", an online publication. Matt covers campus, consumer, business and financial topics on various websites and weblogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".