Home prices increased by just under 1% in June from the prior month, marking the third consecutive monthly increase, according to new figures compiled by CoreLogic, Santa Ana, Calif.
However, compared to the same month a year ago home prices fell by almost 7%. CoreLogic factors distressed residential sales into its home price index.
Excluding distressed sales, year-over-year prices declined by 1.1%.
“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,” said CoreLogic CEO Mark Fleming. “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.”
The five states with the highest appreciation rates include: New York (+3.3%), the District of Columbia (+2.4%), North Dakota (+1.2%), Alaska (+0.1%), and Nebraska (+0.1%). (The calculations include distressed sales.)
With distressed sales factored into the equation, the five states where values fell the most include: Nevada (-12.4%), Idaho (-12.3%), Arizona (-12.3%), Illinois (-12.2%), and Minnesota (-9.6% percent). CoreLogic is based in Santa Ana.