Home Price Index shows Kingsport-Bristol, Johnson City MSA prices trending higher


Tri-Cities home prices continued trending high in June, according to the residential property information and analytics provider CoreLogic.

Its all-sales and non-stressed home price indexes were up in the both the Kingsport-Bristol and Johnson City Core Based Statistical Areas.

KB- JunePPCoreLogic’s Indexes contrast and add some overall market context when viewed with the Northeast Tennessee Association of Realtors’ June Trends Report. That report shows the average price for a single-family, privately owned home price in both areas was down when compared to the same month last year. The context the CoreLogic report offers mutes the average price hit in NETAR’s June report.

NETAR’s report is an average of all sales from the regional Multiple Listing Service and reflects price averages for the largest number of homes.

The CoreLogic Indexes are a multi-tier market evaluations based on price, time between sales, property type, loan type (conforming vs. nonconforming) and distressed sales. It’s also a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes, that the company says provides a more accurate “constant-quality” view of pricing trends than basing analysis on all home sales

Kingsport-Bristol home prices were 9.4% higher than they last year on the all-sales index and 1.7% better than May, according to CoreLogic.

The non-stressed sales index was 7.8% better than June last year and a 1.4% improvement over May.

Some housing analysts contend the non-stressed sales index is a better market indicator because it reflects how REO and short sales are affecting the overall market.

NETAR’s report showed June’s average sales price was 9% less than it was last year in the four-county area.

JB JunePPJohnson City’s CoreLogic June all-sales price index was 8% better than June last year and 0.7% better than May.

When distressed sales are removed from the mix, year-over-year prices were up 6% while they were down 0.6% when compared to May’s prices.

NETAR’s June report showed a 5.6% decline year-over-year average price decline in the three-county area.

The national all-sales index for June shows an 11% when compared to June 2012 and a 1.8 % increase from May.

The CoreLogic Pending HPI indicates that July 2013 home prices, including distressed sales, are expected to rise by 12.5% on a year-over-year basis from July 2012 and rise by 1.8% on a month-over-month basis from June 2013. Excluding distressed sales, July 2013 home prices are poised to rise 11.4% year over year from July 2012 and by 1.3% month over month from June 2013.

The CoreLogic Pending HPI is a proprietary and exclusive metric that is not reported on the MSA level.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10%,” said Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.”

“The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”

NETAR’s Trend report shows average home sales price appreciated 8.2% in the Johnson City MSA and 1% in Kingsport-Bristol during the first half of this year.

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