Home prices in the Central Valley, including those for distressed sales saw double-digit increases in January compared to the year before, according to a report by leading residential property information, analytics and services provider CoreLogic.
In Stockton, home prices increased by 12.4 percent, year over year, in January. On a month-over-month basis, home prices, including distressed sales, decreased by 0.2 percent in January 2013 compared to December 2012.
When distressed sales were excluded, year-over-year prices increased by 13.0 percent in January 2013 compared to January 2012. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicated home prices increased by 1.3 percent in January 2013 compared to December 2012.
In Modesto, year over year home prices, including distressed sales, increased by 13.0 in January. On a month-over-month basis, home prices, including distressed sales, increased by 1.3 percent in January 2013 compared to December 2012.
Excluding distressed sales, year-over-year prices increased by 15.3 percent in January 2013 compared to January 2012. In a month to month comparison, when distressed sales were excluded, the CoreLogic HPI indicated home prices increased by 2.8 percent in January 2013 compared to December 2012.
The Central Valley’s price increases were greater than those nationally, according to CoreLogic. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 9.7 percent in January.
"The HPI showed strong growth during the typically slow winter season," said Mark Fleming, chief economist for CoreLogic. "With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values."
