CoreLogic's May Home Price Index (HPI) marked the third consecutive nationwide increase in home prices on both a year-over-year and month-over-month basis and and the Pending HPI Forecast shows gains to continue through June.
Home prices that also included distressed sales, rose on a year-over-year basis by 2.0% in May compared to May 2011. Similarly, on a month-over-month basis, there was a 1.8$ increase in home prices, also including distressed sales, this May compared to April 2012.
Likewise, the CoreLogic HPI shows that home prices, excluding distressed sales, also grew on a year-over-year basis by 2.7% this past May in comparison to May 2011. Home prices on a month-over-month basis augmented 2.3% in May compared to April 2012, which indicates the fourth successive month-over-month increase.
The report states that the five states with the highest rate of increase, including distressed sales were Arizona, Idaho, South Dakota, Montana, and Michigan .
"The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle," said Anand Nallathambi, president and chief executive officer of CoreLogic, in a press report. "Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix."
The growth, according to CoreLogic's pending HPI, is expected to continuously increase into June's figures. Including distressed sales, house prices are estimated to rise by at least 1.4% from May to June. Similarly, prices, excluding distressed sales, are also poised to grow by 2.0% during the same time period.