Though government-generated statistics came to a temporary halt—in particular, construction spending data—numbers from private sources continued as usual on Tuesday. CoreLogic reported that home prices nationwide, including distressed sales, increased 12.4 percent in August 2013 compared to August 2012. That’s the 18th consecutive monthly year-over-year increase in home prices nationally, according to the company. Excluding distressed sales, home prices increased on a year-over-year basis by 11.2 percent compared to August 2012.
On a month-over-month basis, including distressed sales, home prices increased by 0.9 percent in August compared to July. Take distressed sale out of the equation and home prices increased 1 percent month-over-month. Distressed sales, which include short sales and REO, clearly aren’t the stumbling block in most housing markets that they used to be.
CoreLogic further predicts, based on pending home sales that it tracks, that in September prices will rise 12.7 percent compared with the same month last year, but only 0.2 percent month-over-month (both of those estimates include distressed sales). Strip distressed sale out and the increases will be 12.2 percent annually and 0.7 percent month-over-month.