Home Prices Post Largest Year-over-year Jump Since April 2006

By George C. Ford, Reporter

CEDAR RAPIDS, Iowa - Home prices nationwide jumped by 9.7 percent in January compared with January 2012, the biggest year-over-year increase since April 2006 and the 11th consecutive monthly rise in home prices.

CoreLogic, an Irvine, Calif., residential property information service, said home prices increased by 0.7 percent in January from December 2012. Both the year-over-year and monthly figures included distressed home sales.

Excluding distressed sales, home prices increased on a year-over-year basis by 9 percent in January 2013 compared with the same month of 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in January 2013 compared with December 2012.

Distressed sales include short sales and transactions involving real estate owned by banks through foreclosure.

In Cedar Rapids, home prices, including distressed sales, rose by 1.9 percent in January 2013 compared with January 2012. On a month-over-month basis, home prices, including distressed sales, decreased by 1.0 percent in January 2013 compared with December 2012.

Excluding distressed sales, year-over-year prices increased by 1.9 percent in January 2013 compared with the same month of 2012. On a month-over-month basis, excluding distressed sales, home prices declined by 0.2 percent in January 2013 compared with December 2012.

In Iowa City, home prices, including distressed sales, rose by 3.9 percent in January 2013 compared with January 2012. On a month-over-month basis, home prices, including distressed sales, stayed the same in January 2013 compared with December 2012.

Excluding distressed sales, year-over-year prices increased by 4 percent in January 2013 compared with January 2012. On a month-over-month basis, excluding distressed sales, home prices rose by 0.1 percent in January 2013 compared with December 2012.

Mark Fleming, chief economist for CoreLogic, said the gains in January, the housing market is poised to enter the spring selling season on sound footing.

"The improvements are materializing across the country, with all but Delaware and Illinois experiencing year-over-year price gains, and 15 states within 10 percent of their peak values," Fleming said.

Anand Nallathambi, president and CEO of CoreLogic, said many states across the western United States and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of this year.
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