November home prices rose 11.8% across the nation on a year-over-year basis, inclusive of distressed sales, according to the CoreLogic MarketPulse, with a somewhat smaller increase when excluding distressed sales.
The gain represented the twenty-first consecutive monthly increase on an annual basis. Excluding distressed sales, home prices increased 10.4% in November 2013 compared to the year before. However, there was not much change from October.
“The housing market paused as expected in November for the holiday season with very low month-over-month appreciation,” says The MarketPulse.
When looking at all sales including distressed, the five states with the highest home price appreciation were Nevada (up 25.3%), California (up 21.3%), Michigan (up 14.4%), Arizona (up 13.5%), and Georgia (up 13.3%). The only state to show depreciation was Arkansas, down 1.1%.
Nevada, California, and Arizona remained among the top five states for appreciation when excluding distressed sales, along with Florida and Idaho, both up 12.4%.
The peak-to-current change in the national home price index between April 2006 and November 2013 is a drop of 17.6%, including distressed transactions.
Total home sales were up 6% from the year before in November, according to CoreLogic, with sales of previously-owned homes improving 16%.
Distressed sales accounted for 16% of all home sales in November 2013, compared to 23% a year prior.
Access CoreLogic’s January MarketPulse.
Written by Alyssa Gerace