Home prices (including distressed sales) were up 7.5% year-over-year in June, according to the latest CoreLogic home price report.
This is the 28th straight month of annual home price gains. Home prices were up 1% month-over-month but in seasonally adjusted terms they were “essentially unchanged,” according to Matthew Pointon at Capital Economics.
“And downward revisions to the readings in April and May now mean that prices have been more-or-less flat for the past three months.”
Excluding distressed sales, home prices wre up 6.9% on the year, the slowest pace since the end of 2012.
Pointon writes that home price growth is easing as housing supply continues to increase. “The inventory of homes for sale has now risen for four consecutive months, and although partly offset by a rise in existing home sales, the months’ supply of unsold stock has edged up in recent months,” he writes.
“Home price appreciation continued moderating in June with its slight month-over-month increase,” Mark Fleming, chief economist for CoreLogic said in a press release. “This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble.”
Here are some details from the report:
- Including distressed sales, Michigan saw the highest rise in home prices, up 11.5%.
- Excluding distressed sales, home prices climbed the most in Massachusetts up 11.2 per cent.
- The peak-to-current change in home prices, from April 2006 to June 2014 was -12.9%, including distressed transactions. Ex-distressed transactions, home prices were down 9% from the peak.
Here’s a chart from Capital Economics that show’s the trajectory of home price growth including and excluding distressed sales:
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