Month-over-month rises in home prices slowed down to fractional numbers as year-over-year increases entered its 20th consecutive month, according to CoreLogic. The Home Price Index (HPI), which is comprised of distressed sales and equity, was up 0.2% from September to October and was 12.5% higher than the year prior.
The HPI hit its peak this past April, when home prices rose 2.68% on a month-to-month basis, but since then the increase in home prices have tapered off. For example, from July to August HPI rose 0.67% and only 0.5% from August to September.
Nine states endured price increases that surpassed the national HPI. Nevada experienced the highest increase with 25.9%, followed by California (22.4%), Georgia (14.2%), Michigan (14.1%), and Arizona (14.0%). New Mexico was the only state whose HPI declined, falling 0.5% compared to 12 months ago.
The HPI excluding distressed sales increased within all 50 states, with eleven experiencing increases above the national average. Nevada and California were also at the top of this list with 22.5% and 18.5%, respectively.
The HPI, including distressed transactions, is currently 17.3% below its last peak in April 2006 and HPI excluding distressed transactions is 13.1% lower than the 2006 peak. The states that are reporting the largest decreases from their peaks include (in order) Nevada, Florida, Arizona, Rhode Island and West Virginia.
According to CoreLogic’s pending HPI report, prices will continue at October levels and November is expected to increase 12.2% year over year. Regarding the exclusion of distressed sales, the HPI will increase from October to November by 0.4%, while there will be an 11.3% increase from October 2012.