Mortgage data and technology services firm CoreLogic (CLGX) reports home prices, including distressed sales, appreciated annualy by 2.5% in the month of June. The company believes the good news may be an emerging trend through the end of the year.
It is the fourth consecutive month of year-over-year value gains for the housing market. In July, CoreLogic reported that U.S. home prices year-over-year rose 2% in May while also increasing 1.8% from April in May.
When distressed sales are added, short sales and REO, the increase shrinks nationally to 1.3%.
“At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner,” said Anand Nallathambi, president and CEO of CoreLogic. “While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second-half of 2012.”
Including distressed sales, the five states with the highest appreciation were: Arizona (+13.8%), Idaho (+10.4%), South Dakota (+10.1%), Utah (+8.3%) and Wyoming (+7.7%).
Including distressed sales, the five states with the greatest depreciation were: Alabama (-4.8%), Connecticut (-4%), Illinois (-3.4%), Georgia (-2.9%) and Delaware (-2.8%).
Unlike in recent months, the latest housing price rise was marginally weaker than expected in a typical June, Capital Economics analysts said, “meaning that seasonally adjusted house prices actually eased a touch.”