Last week, a report from Case-Shiller revealed a 12.1 percent increase in home prices for the 20 major U.S. cities measured in their index.
This week, the research firm CoreLogic released their own real estate figures, with some slight differences. Here are the key numbers:
12.1 or 12.4
Does it even matter?
CoreLogic’s report has U.S. home prices rising 12.4 percent in July, a 1.8 percent increase from June. Case-Shiller identified a 12.1 percent increase in home prices during the month of June, and recognized a gradual easing of home price increases. CoreLogic also predicts slower home price increases in the months ahead, with a plus-0.4 percent projection from August from July. So, to answer the original question, it seems as if both reports suggest a gradual taming of those robust home price increases we’ve seen during the majority of 2013, a slight difference that could be interrupted as good news for prospective buyers.
CoreLogic has measured 17 consecutive months of home price increases year to year nationally. Locally, CoreLogic has Arizona at a 17 percent year-to-year increase. Just like the Case-Shiller report, CoreLogic identified the Western states such as Arizona, California (up 23.2 percent) and Nevada (up 27 percent) as having the most growth. This can be mainly attributed to the booming numbers posted in cities like Las Vegas, Los Angeles, Phoenix, San Diego and San Francisco. Last week’s Case-Shiller report identified these five cities has having the most price growth in the nation year to year.
Arizona also finished in the top 3 states for home price appreciation on non-distressed properties (i.e. short sales, foreclosures) with a 14.9 percent increase in July, once again behind California (up 20.2 percent) and Nevada (up 24.2 percent). For Arizona, this is up slightly from June’s 14.1 percent increase in home prices on non-distressed homes. California and Nevada also saw a slight increase in price appreciation from June’s totals in the previous CoreLogic report.
All in all, just like the Case-Shiller index from one week ago, this CoreLogic report can be taken as another sign of the Arizona real estate rebound, and why there’s never been a better time to check on the value of your home.
Listen for more Phoenix real estate news with realtors Diane Brennan and Rod Lakin on That Real Estate Show Saturdays at 3 p.m. on News/Talk 92.3 KTAR.