CoreLogic: Home Prices Rose For The 17th Straight Month

Mamta Badkar

Home prices (including distressed sales) climbed 12.4% year-over-year in July, according to CoreLogic's latest home price report.

This is the seventeenth straight monthly rise in home prices. Prices were up 1.8% month-over-month.

Excluding distressed sales (short sales and REO transactions), home prices were up 11.4% on the year, and 1.7% MoM.

We already saw S&P Case-Shiller home prices slow to 12.07% YoY in July. Economists have been calling for a slowdown in the pace of home price growth in the second half of the year.

"Looking ahead to the second half of the year, price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand," said Mark Fleming, chief economist at CoreLogic in a press release.

Here are some details from the report:

  • The peak-to-current decline in national home prices, from April 2006 to July 2013, was 17.6%. Ex-distressed transactions this was down 12.9%.
  • Including distressed sales home prices were up the most in Nevada, up 27% and only declined in Delaware, falling 1.3%. 
  • Ex-distressed sales home prices were up the most in Nevada, up 24.2%. Ex-distressed sale no states saw home prices fall in July.
  • The CoreLogic Pending home price index suggests that home prices will rise 12.3% on a YoY basis in August, and 0.4% on the month.

Here's a trajectory of home prices including and excluding distressed homes since January 2002:

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SEE ALSO: 3 Reasons US Home Prices Are Going To Cool Off