CoreLogic’s home price report released yesterday showed the following:
-Home prices dropped 1.3% from September to October, the third straight monthly decline.
-Prices dropped 3.9% year over year through October.
-Excluding distressed sales, the year-over-year decline was only 0.5%.
-The CoreLogic home price data only includes repeat sales of single family homes. It excludes condos, 2-4 unit homes, and all homes being sold for the first time. Here’s their full methodology statement:
The CoreLogic HPI incorporates more than 30 years’ worth of repeat sales transactions, representing more than 65 million observations sourced from CoreLogic industry-leading property information and its securities and servicing databases. The CoreLogic HPI provides a multi-tier market evaluation based on price, time between sales, property type, loan type (conforming vs. nonconforming), and distressed sales. The CoreLogic HPI is a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, which provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales. The CoreLogic HPI provides the most comprehensive set of monthly home price indices and median sales prices available covering 6,621 ZIP codes (58 percent of total U.S. population), 608 Core Based Statistical Areas (86 percent of total U.S. population) and 1,149 counties (84 percent of total U.S. population) located in all 50 states and the District of Columbia.
-Below is a table showing national and state home prices in two categories: all repeat-sale single family homes, and repeat-sale single family homes less distressed sales.
Latest Home Price Reports:
–CoreLogic October Home Price Report
–September S&P Case Shiller Home Price Report: Released 11/29*
–September FHFA Home Price Report: Released 11/29**
*This report is only for single family homes. Link has methodology.
**This report is only for homes with Fannie/Freddie loans.