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Housing Prices Continue to Rise

CoreLogic has released its Home Price Index (HPI) report showing that home prices increased in June 2014 by 7.5 percent when compared with a year earlier.

It is the 28th consecutive month of year-over-year increases in national prices among distressed sales. When distressed sales were excluded from the statistics, year-over-year growth was slower at 6.9 percent.

According to Mark Fleming, the chief economist with CoreLogic, the ongoing slowdown in price appreciation reflects a "reversion to normality" that is "expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble."

Across all states, Arkansas was the lone state to post decline in prices, while a dozen states and Washington, D.C., posted new record highs since 1976.

Though the index rose 7.5 percent nationally, many states exceeded that number by significant margins. The top five states for price growth were: Michigan with a growth of 11.5 percent, California with 11.3 percent, Nevada with 11.1 percent, Hawaii with 10.8 percent, and Oregon with 9.5 percent. The national change from "peak-to-date" still remains at -9.0 percent, however.

The index rose in 98 of the 100 Core Based Statistical Areas measured by the report.

Forecasts for the HPI predict a slightly smaller jump from June to July of only 0.7 percent and a year-over-year increase of 5.7 percent from June 2014 to June 2015.

About Author: Cody Galuardi


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