Industry NewsMarkets & Economy

Home prices up for 2nd straight month in April

CoreLogic plugging MLS data into new pending home sale price index

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

U.S. home prices rose on both an annual and monthly basis for the second month in a row in April, according to a home-price index compiled by data aggregator CoreLogic. Prices increased 1.1 percent in April compared to April 2011 and 2.2 percent compared to revised figures for March. When distressed sales -- short sales and real estate owned (REO) properties -- are excluded, prices jumped 1.9 percent year over year and 2.6 percent month to month. With this report, CoreLogic also introduced a pending home price index based on recent prices changes gleaned from multiple listing service data. That index forecasts that home prices rose another 2 percent between April and May, CoreLogic said. Anand Nallathambi, CoreLogic's president and CEO, said in a statement that the increases are a sign "the housing market is stabilizing." "Home prices are responding to a restricted supply that will likely exist for some time to come -- an optimistic sign for the future of our industry.&...