Home prices (including distressed sales) climbed 12.4% year-over-year in July,
according to CoreLogic’s latest home price report.
This is the seventeenth straight monthly rise in home prices. Prices were up 1.8% month-over-month.
Excluding distressed sales (short sales and REO transactions), home prices were up 11.4% on the year, and 1.7% mum.
“Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand,” said Mark Fleming, chief economist at CoreLogic in a press release.
Here are some details from the report:
- The peak-to-current decline in national home prices, from April 2006 to July 2013, was 17.6%. Ex-distressed transactions this was down 12.9%.
- Including distressed sales home prices were up the most in Nevada, up 27% and only declined in Delaware, falling 1.3%.
- Ex-distressed sales home prices were up the most in Nevada, up 24.2%. Ex-distressed sale no states saw home prices fall in July.
- The CoreLogic Pending home price index suggests that home prices will rise 12.3% on a YoY basis in August, and 0.4% on the month.
Here’s a trajectory of home prices including and excluding distressed homes since January 2002: