U.S. home prices climbing at fastest pace since 1977
Home prices (including distressed sales) climbed 11.9% year-over-year in June, according to CoreLogic’s latest home price report. This is the 16th straight monthly rise in home prices. Prices were up 1.9% month-over-month.
Ex-distressed sales (short sales and REO transactions), home prices were up 11% on the year, and 1.8% MoM.
Meanwhile, in the first half of the year, home prices were up 10%. “This trend in home price gains is moving at the fastest pace since 1977,” said CoreLogic’s chief economist, Mark Fleming in a press release.
Here are some details from the report:
- Including distressed sales home prices rose the most in Nevada, up 26.5% and fell the most in Mississippi, down 2.1%.
- Ex-distressed sales home prices climbed the most in Nevada, up 23.6%, and no state saw home prices fall.
- The peak-to-current decline in home prices, from April 2006 to June 2013, was 19%.
- The CoreLogic Pending home price index suggests that home prices will rise 12.5% on a YoY basis in July, and 1.8% on the month.