House Prices Should Post ‘Positive Gain’ for All of 2012

The CoreLogic house price index rose in July for the fifth consecutive month and by yearend values should post a positive gain for the entire calendar year, according to the vendor’s chief economist.  

While the pace of monthly price increases will moderate as “we transition to the off-season for home buying, we expect a positive gain in price levels for the full year,” said chief economist Mark Fleming.   

The CoreLogic HPI rose 1.3% in July after a similar increase in June.  The HPI is up 3.8% from July 2011 – the biggest year-over-year increase since August 2006.

CoreLogic’s ‘pending’ HPI shows home prices should post another 1.3% increase in August.

“The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” Fleming said.

Excluding distressed sales, home prices are up 4.3% on a year-over-year basis, according to the Santa Ana, Calif., based provider of real estate information and analytics.

On a month-over month basis, prices rose 1.7% in July when foreclosure and short sales are excluded from the HPI.