Home Prices Up 1.3 Percent from May

August 8, 2012 (Chris Moore)

National monthly home prices improved by 1.3 percent from May to June with seventy-three of the top 100 metropolitan areas reporting an increase in the value of the homes in their area according to CoreLogic’s June Home Price Index (HPI).

Including distressed property sales, home prices in June were 1.3 percent higher than in May and were 2.5 percent higher than in June of last year. It was the fourth consecutive month that sales have increased on both a monthly and yearly basis.

Excluding distressed properties, monthly home values improved by 2.0 percent and were 3.2 percent higher than in June of last year.

Nevada (-57.1 percent) continued to post the largest decline in home prices since the market peaked in 2006 followed by Florida (-45.3 percent), Arizona (-44.1 percent), California (-39.2 percent) and Michigan (-39.0 percent). That was little changed from last month’s list of worst performing states which included Nevada (-57.7 percent), Florida (-45.6 percent), Arizona (-45.0 percent), Michigan (-40.5 percent) and California (-39.7 percent).

Since the market peak in June 2006, home prices have declined 28.8 percent when including distressed property sales and when excluding distressed property sales, home prices have dropped 21.3 percent since the market peak.

CoreLogic defines distressed property sales as short sales and real estate owned (REO) transactions.

Twenty-seven out of the top 100 Core Based Statistical Areas (CBSAs) experienced year-over-year price declines in June, which was 4 less than the revised amount reported in May.

The five states with the highest year-over-year (YOY) appreciation including distressed sales were: Arizona (+13.8 percent), Idaho (10.4 percent), South Dakota (+10.1 percent), Utah (+8.3 percent) and Wyoming (+7.7 percent). In May, those states were: Arizona (+12.0 percent), Idaho (+9.2 percent), South Dakota (+8.7 percent), Montana (+8.2 percent) and Michigan (+7.9 percent).

The five states with the greatest YOY depreciation including distressed sales were: Alabama (-4.8 percent), Connecticut (-4.0 percent), Illinois (-3.4 percent), Georgia (-2.9 percent) and Delaware (-2.8 percent). In May, those states were: Delaware (-9.0 percent), Rhode Island (-4.4 percent), Illinois (-4.2 percent), Alabama (-4.1 percent) and Georgia (-4.0 percent).

The five states with the highest YOY appreciation excluding distressed sales were: South Dakota (+10.2 percent), Utah (+9.1 percent), Montana (+8.7 percent), Arizona (+8.7 percent) and Wyoming (+6.9 percent). In May, those states were: Montana (+9.1 percent), South Dakota (+8.5 percent), Arizona (+7.3 percent), Idaho (+6.6 percent) and Wyoming (+6.6 percent).

The five states with the greatest YOY depreciation excluding distressed sales were: Delaware (-3.6 percent), Alabama (-3.1 percent), Connecticut (-2.1 percent), New Jersey (-0.9 percent) and Kentucky (-0.4 percent). In May, those states were: Delaware (-7.8 percent), Rhode Island (-3.8 percent), Alabama (-2.8 percent), Connecticut (-2.2 percent) and Kentucky (-1.2 percent).

Tags: CoreLogic, home prices, distressed property sales, appreciation, depreciation

Sources:
CoreLogic