While national housing reports have reflected positively upon home price appreciation of around 4% in 2012, a new report indicates home sales jumped even higher over the same time frame, up 6%.
This “impressive” recovery in 2012 brought home sales up to 4.2 million units in 2012, up from 3.9 million in 2011 and marking the first increase since 2005, according to a report from CoreLogic.
Excluding distressed home sales, that number was even higher—up 11% or totaling 3.2 million units.
Further, CoreLogic’s home price index, based on repeat sales, saw a 7.5% increase in 2012, which is the highest uptick since 2006.
Despite strong economic factors dragging against the housing recovery, the outlook is strong, CoreLogic says.
“Nevertheless, 2012 was a pleasant surprise, particularly in the housing market, and the future is more hopeful than in years past,” according to the report.
The report indicates the CoreLogic Home Price Index (HPI®), which is based on repeat sales, increased 7.5 percent in 2012, the largest increase since 2006.
Written by Elizabeth Ecker