Home prices continue their upward trajectory
Home prices in June rose for the 16th consecutive month, rising 1.9% from May and jumping 11.9% from year earlier levels, research and analytics firm CoreLogic (CLGX) said Tuesday.
Those numbers include distressed properties – namely short sales and real-estate owned transactions. This is the first time in 36 years that prices have risen at this fast a pace, the research firm suggested.
When CoreLogic excludes distressed sales from its calculation, home prices month-over-month increased 1.8% and grew 11% from June 2012 levels.
"In the first six months of 2013, the U.S. housing market appreciated a remarkable 10%,” said Dr. Mark Fleming, chief economist for CoreLogic. "This trend in home price gains is moving at the fastest pace since 1977."
The first half of the year brought “robust price appreciation,” Anand Nallathambi, president of CoreLogic said. The firm accurately predicted double-digit growth during the first six months of the year.
When including distressed sales, the states experiencing the steepest home price climbs included Nevada, with prices up 26.5%; California (21.4%), Wyoming (16.7%); Arizona (16.2%) and Georgia (14.3%).
Home prices in Mississippi and Delaware saw prices fall 2.1% and 1.1%, respectively.