Us house prices up for 16th month in a row
On a month-over-month basis, including distressed sales, home prices increased by 1.9 percent in June 2013 compared to May 2013.
Excluding distressed sales, home prices increased on a year-over-year basis by 11 percent in June 2013 compared to June 2012. On a month-over-month basis, excluding distressed sales, home prices increased 1.8 percent in June 2013 compared to May 2013. Distressed sales include short sales and real estate owned (REO) transactions.
The CoreLogic Pending HPI indicates that July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and rise by 1.8 percent on a month-over-month basis from June 2013. Excluding distressed sales, July 2013 home prices are poised to rise 11.4 percent year over year from July 2012 and by 1.3 percent month over month from June 2013.
"In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent," said Dr. Mark Fleming, chief economist for CoreLogic. "This trend in home price gains is moving at the fastest pace since 1977."
Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent). Only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).
Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent). Excluding distressed sales, no states posted home price depreciation in June.
"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," added 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."