Industry NewsMarkets & Economy

Home prices up for 2nd straight month in April

CoreLogic plugging MLS data into new pending home sale price index

The ROI Producing Real Estate Event of the Summer
Reach top decision-makers at Inman Connect

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.&...