There's no sign of weakness yet in local home prices, according to research firm CoreLogic. In fact, we may be getting slightly frothy for a market that supposedly doesn't see the extremes of cities such as Miami or Vegas. February prices of non-distressed properties clocked in 9.2 percent higher than the mark of the year before, up from 6.3 percent in January. Throw in distressed homes and the increase was 'only' 7 percent. The national numbers are equally impressive.
Nashville-area home prices ended January 6 percent higher than a year earlier and up 0.7 percent from December, according to research firm CoreLogic. Taking out distressed sales, prices rose 6.3 percent year over year. Those numbers are a nice bump from the sub-3 percent gains from last fall but they do lag the U.S. average by several points. It should be noted, though, that the national number is distorted by some gaudy numbers from several states in the West.
SEE ALSO: CoreLogic's national data release
Nashville’s ranks 35th of 50 major metro areas on Clear Capital’s just-released Home Data Index Market Report.
The report (read here) forecasts housing strength for 2013 and uses an array of public and proprietary data sources. It notes home prices nationwide in 2012 finished the year strongly, rebounding from the market lows of early 2012.
Clear Capital is based in California.
Home prices in the Nashville MSA rose 2.9 percent in October versus numbers from a year ago, say the researchers at CoreLogic. That's up from about 2 percent in August and less than 1 percent early this year. Excluding so-called distressed sales, year-over-year prices rose 3.7 percent. September's gains, however, were revised to 2.3 percent from an initial reading of 2.9 percent.
Real estate number crunchers CoreLogic say Middle Tennessee's housing market is gaining strength: Home prices here rose almost 3 percent in September, with distressed sales making little difference. Nationally, year-over-year gains now stand at 5 percent.
Excluding distressed sales, year-over-year prices increased by 2.7 percent in September 2012 compared to September 2011 and increased by 2.0 percent* in August 2012 compared to August 2011. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices decreased by 0.1 percent in September 2012 compared to August 2012.