IRVINE, Calif. (8/5/15)--Home prices rose 1.7% in June and 6.5% on a year-over-year basis for the month, according to CoreLogic’s monthly home price index, released Tuesday.
The monthly gain marks the 40th consecutive month of year-over-year increases nationwide.
“The current cycle of home-price appreciation is closing in on its fourth year with no apparent end in sight,” said Anand Nallathambi, CoreLogic president/CEO. “Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix fueling a 6.5% jump in home prices through June, with more increases likely to come.”
Including distressed sales, 35 states and Washington, D.C., maintained prices that were within 10% of their all-time peak prices during the month, with 15 states reaching new highs.
Excluding distressed sales, home prices rose 6.4% in June on an annual basis and 1.4% on a monthly basis.
Only Massachusetts and Louisiana posted year-over-year depreciation in home prices in June when excluding distressed sales, according to CoreLogic.
“The stronger appreciation was registered in cities with limited inventory and strong homebuyer activity, such as San Jose and Denver,” said Frank Northaft, CoreLogic chief economist.