Home Prices See Third Consecutive Monthly Gain, Still Lagging on Yearly Basis

There’s been a growth in housing prices for the third consecutive month, CoreLogic’s June Home Price Index (HPI) shows, with a 0.7% increase in June 2011 compared to the previous month.

On a yearly basis, however, home prices are still lower than their 2010 levels, with a 6.8% decline, following a 6.7% May decline from the previous year. Excluding distressed sales, year-over-year prices experienced a 1.1% decline compared to June 2010, says the analytics provider.

“While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit last year. The difference between the overall HPI and our index excluding distressed sales indicates that the price declines are more concentrated in the distressed sales market,” says Mark Fleming, chief economist for CoreLogic.

Including distressed sales, states with the highest appreciation include New York, up 3.3%, and the District of Columbia, up 2.4%. And while only five states garnered appreciation, 10 states experienced only minimal depreciation, at 2% or less.

Numbered among the states with the greatest depreciation, including distressed sales, are Nevada, with a depreciation of 12.4%, Idaho and Arizona, at 12.3%, and Illinois, at 12.2%.

Overall, trends are slightly more positive than last month, as 86 of the top-100 Core Based Statistical Areas measured by population are showing year-over-year declines, compared to May’s 91.

Written by Alyssa Gerace

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