The Real Deal New York

NY leads U.S. to second straight month of rising home prices

June 30, 2011 11:16AM

New York led a second consecutive month of U.S. housing price gains, according to the May Housing Price Index released today by CoreLogic. Nationwide home prices rose slightly in May compared to April, but remained far below their levels a year ago. Including distressed sales, prices rose 0.8 percent compared to April, but were stuck at 7.4 percent less than May 2010. However, excluding distressed sales, the year-over-year decline was just 0.4 percent.
“Two consecutive months of month-over-month growth and continued relative strength in the non-distressed market segment are positive seasonal signs in the housing market,” said Mark Fleming, CoreLogic’s chief economist. “Slowly declining shadow inventory and stabilized negative equity levels are also positive signs.”
New York showed the strongest gain of any state in the country, as home prices rose 4.4 percent in May compared to 2010, and excluding distressed sales the increase was 6.1 percent. The New York-metro area also performed better than any other large urban area in the country over the last 12 months, as its 3 percent gain in housing prices was the only positive change in the country. — Adam Fusfeld

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